USDCHF Price Analysis – September 18
The Bulls has pushed the USDCHF to break the barrier at the $0.99 price level, the price is currently heading towards the supply level of $1.00.
Supply levels: $1.00, $1.01, $1.02
Demand levels: $0.99, $0.98, $0.97
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. The currency pair has been on the bullish trend for more than a week. The price consolidated for more than two days at the supply level of $0.99. It seems the level is strong enough to withstand the Bulls’ pressure because the price has tested the level severally. Yesterday, there was a bullish breakout above the supply level of $0.99. The bullish movement was opposed by the Bears and the daily bullish candle turned to gravestone Doji candle at the supply level of $0.99. Today, a strong bullish candle emerged above the former supply level of $0.99. The price is currently exposed to $1.00 price level.
The 21 periods EMA is crossing the 50 periods EMA to indicate bullish movement in the USDCHF market. The price is trading above the two EMAs. The Bulls has pushed the USDCHF to break the barrier at the $0.99 price level, the price is currently heading towards the supply level of $1.00. The decrease in the price of the pair may be a price retracement. Should the Bulls maintain their momentum, a further increase in price is envisaged. However, the stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up to indicate a buy signal.
USDCHF Medium-term Trend: Bullish
On the short-term outlook, USDCHF is Bullish. The Bulls were able to penetrate the barrier at the supply level of $0.99. A strong bearish engulfing candle emerged yesterday and pushes down the price to retrace back to the broken level. The Bulls returned the price to the upward movement today.
The price retains its trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 75 levels with the signal lines pointing up to indicate a buy signal.
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