USDCHF Price Analysis – August 06
In case the demand level of $0.97 holds, the price may reverse and soar to the north. Failure to hold the price by the demand level of $0.97, the next target level is $0.95.
Supply levels: $0.98, $0.99, $1.00
Demand levels: $0.97, $0.95, $0.94
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook; USDCHF was bullish last two weeks. The price played around the supply level of $0.99. The bullish momentum could not push the price towards $1.00 supply level. The Bears opposed the price increase and strong bearish candles were produced which pushed down the price towards the demand level of $0.98. The level can’t hold the price, it was penetrated downside. USDCHF rolled down to reach the demand level of $0.97.
Today, a daily bullish candle formed at the demand level of $0.97 which indicates that the price may reverse at the level. The currency pair retains its trading below 21 periods EMA and 50 period EMA and the two EMAs bending towards the direction of the price. The Stochastic Oscillator period 14 is at 20 levels with the signal line trying to bend upside to indicate a buy signal. In case the demand level of $0.97 holds, the price may reverse and soar to the north. Failure to hold the price by the demand level of $0.97, the next target level is $0.95.
USDCHF Medium-term Trend: Bearish
USDCHF is Bearish on the short-term outlook. The Bears bottomed the currency pair to the demand level of $0.97 on August 05. A bullish engulfing candle emerged at the demand level mentioned and the price started moving up towards $0.98 level.
The price is moving closer to the two EMAs which connotes increase in the Bulls’ momentum. The Stochastic Oscillator period 14 is at 30 levels with the signal lines pointing up to indicates buy signal.
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