USDCHF Price Analysis – August 13
Further increase in the USDCHF price is possible and the price may break up the supply level of $0.98 to target the supply level of $0.99.
Supply levels: $0.98, $0.99, $1.00
Demand levels: $0.96, $0.95, $0.94
USDCHF Long-term trend: Bearish
On the long-term outlook USDCHF is bearish; On August 01, a bearish engulfing candle was produced at $0.99 price level. Followed this bearish reversal signal is the formation of many strong bearish candles that pushed down the price towards the demand level of $0.96 after penetrating downside the former demand levels of $0.99 and $0.98. The price eventually touched the demand level of $0.96 on August 05; it pulled back towards the $0.98 level and retouched the $0.96 price level.
Another strong daily bullish engulfing candle emerged today at the opening of the USDCHF market; which may serve as a bullish reversal signal. Further increase in the USDCHF price is possible and the price may break up the supply level of $0.98 to target the supply level of $0.99. The price is still trading below the 21 periods EMA and 50 periods EMA with the price moving closer to the two EMAs. Meanwhile, the Stochastic Oscillator period 14 is below 20 levels (oversold level) and the signal lines pointing up which indicate buy signal.
USDCHF Medium-term Trend: Bullish
USDCHF is Bullish on the short-term outlook. The USDCHF market closed Bearish last week. The market consolidated at the beginning of today’s market, later, the Bulls gained more pressure and pushed the price up to break up the two EMAs upside.
As at the moment, the price is crossing over the two EMAs which will establish a bullish momentum in the USDCHF market. Meanwhile, the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicates a strong buy signal.
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