USDCHF Price Analysis – December 04
Further decrease in USDCHF price to reach the demand level of $0.98 is highly envisaged provided the Bears maintain their momentum. In case the bears’ momentum becomes weak, price consolidation may start.
Supply levels: $0.99, $1.00, $1.01
Demand levels: $0.98, $0.97, $0.95
USDCHF Long-term Trend: Bearish
USDCHF is bearish on the long-term outlook. On November 21, the Bulls broke up the supply level of $0.99. The Bulls extended their momentum towards the supply level of $1.00. On December 02, the strong massive daily bearish candle emerged which engulfs the previous day candle and returned the price below the $0.99 price level. This scenario indicates that the Bears are taken over the USDCHF market gradually. Following the breakout was the formation of another bearish candle and this pushes the price towards the demand level of $0.98.
The two EMAs were penetrated downside USDCHF is trading below the 21 periods EMA and the 50 period EMA which indicates that the Bears are in control of the USDCHF market. Further decrease in USDCHF price to reach the demand level of $0.98 is highly envisaged provided the Bears maintain their momentum. In case the bears’ momentum becomes weak, price consolidation may start. However, the stochastic Oscillator period 14 is at 40 levels with the signal lines pointing down to indicate a strong sell signal.
USDCHF Medium-term Trend: Bearish
On the short-term outlook, USDCHF is bearish. Marubosu candle pattern formed on November 29 led to the declination of the price below $0.99 price level. The Bears pushes the price to break down the former demand level of $0.99 and it dropped towards the demand level of $0.98.
The 21 periods EMA has crossed downside the 50 periods EMA and the price is trading below the two EMAs. The Stochastic Oscillator period 14 is below 20 levels with the signal lines pointing up to indicate a buy signal.
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