USDCHF Price Analysis – October 08
Further increase in the bullish momentum may place the price above the supply level of $1.00 provided the level does not hold. In case the bears were able to break down the demand level of $0.99, the price may drop to 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
On the long-term outlook, USDCHF is bullish. The currency pair was trading below the former supply level of $0.99 last week. The bullish momentum broke up the level of $0.99 and the price rallied towards the supply level of $1.00. The bullish momentum became weak before it reaches the mark; that is it was unable to break up the level. The price pulled back to retest the $0.99 level since then it has been ranging within the supply level of $1.00 and the demand level of $0.99.
USDCHF price penetrated the two EMAs upside and started trading above the 21 periods EMA and the 50 periods EMA to indicate bullish movement in the USDCHF market. Further increase in the bullish momentum may place the price above the supply level of $1.00 provided the level does not hold. In case the bears were able to break down the demand level of $0.99, the price may drop to the demand level of $0.98. The stochastic Oscillator period 14 is at 50 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. The price still remains below the two EMAs, which indicate that the bears are still holding the market on the 4-hour time frame. Today, the bears dominated the USDCHF market and that is the main reason why the price remains below the EMAs.
However, the Stochastic Oscillator period 14 is above 25 levels with the signal lines pointing up to indicate a buy 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.