USDCHF Price Analysis – July 30
Should the Bulls push up the pair and break up $0.99 level with the bullish candle close above the level, then the price will target $1.00 level. In case the Bears continue to defend the supply level of $0.99, the price may return to $0.98 level.
Supply levels: $0.99, $1.00, $1.01
Demand levels: $0.98, $0.97, $0.95
USDCHF Long-term trend: Bullish
On the long-term outlook, USDCHF is bullish. USDCHF has been on a downtrend since July 09. The price formed a descending channel in which the currency is trading within. On July 19, the pair found support at the $0.98 level. The bullish engulfing candle pattern emerged and triggered the uptrend movement. Last week, the pair was on a bullish trend that broke up the upper trend line of the channel, it equally penetrated the two EMAs upside and tested the supply level of $0.99.
The price respected the resistance at $0.99 level and pulled back. However, the price is trading currently at the 50 periods EMA above the 21 periods EMA which indicate a bullish momentum. The Stochastic Oscillator period 14 is at 75 levels with the signal line pointing upside to indicate a buy signal. Should the Bulls push up the pair and break up $0.99 level with the bullish candle close above the level, then the price will target $1.00 level. In case the Bears continue to defend the supply level of $0.99, the price may return to $0.98 level.
USDCHF Medium-term Trend: Bullish
USDCHF is Bullish on the short-term outlook. There was a bullish breakout at the upper trend line of the descending channel on July 25. The price increased further towards the supply level of $0.99, the bullish momentum breaks up the level and suddenly interrupted by the Bears. The price is currently retesting the broken level of the dynamic support level of 21 periods EMA.
The Stochastic Oscillator period 14 is below 25 levels with the signal lines bending up to indicates buy signal.
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