USDCHF Price Analysis – October 22
The bullish trend may return into the market of USDCHF provided the supply level of $0.99 does not hold and the price penetrates the level upside. In case the just mentioned level holds, the bearish trend may continue.
Supply levels: $0.99, $1.00, $1.01
Demand levels: $0.98, $0.97, $0.95
USDCHF Long-term Trend: Bearish
On the long-term outlook, USDCHF is Bearish. The week before the last, the bullish momentum was weak likewise the momentum of the Bears and the price was consolidating within the range. October 16, the Bears gained enough momentum and break down the former demand level of $0.99 now supply level. Followed the breakout, another strong bearish candle emerged that pushed the price towards the demand level of $0.98. The bulls interrupted the bearish momentum on 21 October. Today, the bulls dominated the USDCHF market and the price moved up towards the broken price level of $0.99.
The currency pair penetrated the two EMAs downside and the price is trading below the 21 periods EMA and 50 periods EMA which indicates that the Bears’ momentum increased last week. The bullish trend may return into the market of USDCHF provided the supply level of $0.99 does not hold and the price may penetrate the level upside. In case the just mentioned level holds, the bearish trend may continue. The stochastic Oscillator period 14 is at oversold level (below 20) with the signal lines crossed each other and pointing up which indicates buy signal.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the short-term outlook. The Bears pushed down the price to break down the $0.99 price level. It declined towards the demand level of $0.98 but unable to reach the mark before the Bulls interrupted the bearish movement and the price started increasing gradually.
The price is increasing to break up the 21 periods EMA and the 50 periods EMA but currently trading in between the two EMAs. The Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up to indicate a buy signal.
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