USDCHF Price Analysis – September October 01
The Bears may continue controlling the USDCHF market should the price close below the two EMAs and the price may reach the demand level of $0.98. Further increase in the Bears’ pressure may break down the demand level of $0.98.
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 was bearish last week; the price was below the two EMAs at the level fairly above the demand level of $0.98. On September 25, a bullish engulfing candle emerged. The price was pushed up, broke up the former supply level of $0.99. The bullish momentum further increased the price towards the supply level of $1.00. Today, the Bulls initially dominated the USDCHF market before the Bears prevailed with the formation of the strong bearish candle.
The Bulls have pushed the price to cross the two EMAs upside and it is currently trading above the 21 periods EMA and the 50 periods EMA which connotes that the bulls are in control of the USDCHF market. The price is retesting the broken level of $0.99, further increase in the bullish momentum will place the price at the supply level of $1.00 and the level may be penetrated. In case the demand level of $0.99 does not hold, a further decrease in price towards $0.98 price level is possible. The stochastic Oscillator period 14 is at 60 levels with the signal lines bending down to indicate a sell signal.
USDCHF Medium-term Trend: Bearish
USDCHF is Bearish on the short-term outlook. USDCHF soared to the north after it broke out at the $0.99 price level. The evening star candle pattern formed today reversed the price to retest the broken level of $0.99. The bearish momentum will continue as long as the bearish candle closes below the just mentioned level.
The price is trading in between the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing down to indicate a sell signal.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.