USDCHF Price Analysis – November 05
In case the daily bullish candle closes above the supply level of $0.99, then, the price may reach the supply level of $1.00. Should the Bears defend the supply level of $0.99, consolidation may continue.
Key Levels:
Supply levels: $0.99, $1.00, $1.01
Demand levels: $0.98, $0.97, $0.95
USDCHF Long-term Trend: Bullish
USDCHF is Bullish on the long-term outlook. The Bulls were in control of the USDCHF market till October 28 and the price closed above the supply level of $0.99. The bullish momentum got exhausted and the market closed as a daily Doji candle. The Bears exerted more pressure and broke down the $0.99 price level and it declined towards the demand level of $0.98. Today another strong bullish candle formed and places the price to reach $0.99 price level.
The currency pair is ranging over and around the two EMAs. The 21 period EMA and the 50 period EMA are parallel at $0.99 price level. In case the daily bullish candle closes above the supply level of $0.99, then, the price may reach the supply level of $1.00. Should the Bears defend the supply level of $0.99, consolidation may continue. However, the stochastic Oscillator period 14 is above 20 levels with the signal lines pointing up to indicates buy signal.
USDCHF Medium-term Trend: Bullish
On the short-term outlook, USDCHF is bullish. After the Bulls took over the USDCHF market at the demand zone of $0.98; the bullish momentum increased further and penetrated the two EMAs upside. The price is currently touching the supply level of $0.99.
The price is trading above the 21 periods EMA and the 50 periods EMA as a sign of an increase in bullish momentum. The Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up to indicate a buy signal.
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