USDCHF Price Analysis – July 16
Should the Bulls penetrate the confluence at $0.99 level, then, the currency pair price may target $1.00 price level. In case $0.99 supply level holds, the price may decrease towards the previous low at $0.97.
Supply levels: $0.99, $1.00, $1.01
Demand levels: $0.98, $0.97, $0.95
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. The bullish trend that started on June 26 pushed up the price to the high of $0.99 on July 08 after penetrating $0.98 level. Increase in price of USDCHF was resisted by the dynamic resistance level of 50 periods EMA. An evening star candle pattern emerged, followed by strong bearish candles and this pushed the pair downwards towards $0.98 level. Another strong bullish candle emerged today returning the price to touch 21 periods EMA.
The USDCHF price remains below 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is below 75 levels with the signal lines bending down to connotes sell signal. Should the Bulls penetrate the confluence at $0.99 level, then, the currency pair price may target $1.00 price level. In case $0.99 supply level holds, the price may decrease towards the previous low at $0.97.
USDCHF Medium-term Trend: Bearish
USDCHF is Bearish in the short-term outlook. After the breaking out of the pair from the descending channel, the price increased and reaches the $0.99 level. The Bulls momentum was exhausted at the level and the price dropped towards $0.98 demand level. The price is retracing back to $0.99 level.
The price is currently trading above the two EMAs as a sign of bullish trend and the Stochastic Oscillator period 14 is above 50 levels with the signal lines pointing up to indicates buy signal.
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