USDCHF Price Analysis – July 23
On the downside, support comes in at the $0.98 level where a break will turn attention to $0.97 level. Further down, a cut through here will open the door for a move lower towards the $0.95 level.
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 attempt made by the Bulls to break up the dynamic resistance level of 21 periods EMA on July 16 was not successful. An inverted pin bar formed at the level and the price dropped to the demand level of $0.98. The price consolidated briefly at the level. Today, the Bulls pushed up the price towards the supply level of $0.99 but resisted at the dynamic resistance level.
On the downside, support comes in at the $0.98 level where a break will turn attention to $0.97 level. Further down, a cut through here will open the door for a move lower towards the $0.95 level. Conversely, resistance resides at the $0.99 level. Further out, resistance resides at $1.00 level where a break will aim at the $1.01 level.
An increase in price is highly envisaged as the Stochastic Oscillator period 14 is at the 20 levels and the signal lines attempting to cross and turn upside to indicate buy signal.
USDCHF Medium-term Trend: Bearish
USDCHF is Bearish in the short-term outlook. The price has formed a descending channel on the 4-hour chart and the price is making lower lows movement within the channel. The price declined to test the lower trend line of the channel on July 18 and it is currently moving sideways up to test the upper trend line of the channel.
The price is currently trading in between the two EMAs aiming to cross over and test the trend line. The Stochastic Oscillator period 14 is at 75 levels with the signal lines pointing up to indicates buy signal.
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