USDCHF Price Analysis – December 31
USDCHF price may reach the demand level of $0.95 provided the sellers do not relent in their momentum. In case the demand level of $0.95 holds, the price may bounce at the same level.
Supply levels: $0.97, $0.98, $0.99
Demand levels: $0.95, $0.94, $0.92
USDCHF Long-term Trend: Bearish
On the long-term outlook, USDCHF is bearish. The bearish trend increases as the sellers are increasing in their momentum. The price carried out a price retracement towards the broken level of $0.98 last two weeks and the price closed at the level. The Bears gained more pressure last week and strong bearish candles emerged which penetrated downside the former demand levels of $0.98 and $0.97. At the moment it is targeting the demand level of $0.95.
The price is trading below the 21 periods EMA and the 50 periods EMA at a distance which indicates that the Bears’ momentum is increasing. USDCHF price may reach the demand level of $0.95 provided the sellers do not relent in their momentum. In case the demand level of $0.95 holds, the price may bounce at the same level. The Relative Strength Index period 14 is at an oversold region (below 20 levels) with the signal lines pointing down to indicate a strong sell signal.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the medium-term outlook. The currency pair was ranging at the former demand level of $0.98 last week on a 4-hour chart. The Bears prevailed and there was a bearish breakout at the same level. The price declined and broke down the demand level of $0.97.
The price is trading below the 21 periods EMA and 50 periods EMA and the two EMAs are separated from each other. The Relative Strength period 14 is below 20 levels with the signal lines pointing down to indicate a sell signal.
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