USDCHF Price Analysis – January 14
An increase in the Bears’ momentum is highly envisaged which will definitely result in to decrease in USDCHF price towards the demand level of $0.95.
Supply levels: $0.97, $0.98, $0.99
Demand levels: $0.95, $0.94, $0.93
USDCHF Long-term Trend: Bearish
On the long-term outlook, USDCHF is bearish. The Bears would not let the USDCHF price go to the side of the Bulls. The price broke down the $0.97 price level and faced the demand level of $0.95. On 08 January, the price pulled back to retest the broken level of $0.97, the price eventually closed above the $0.97 level. Last week, the Bears resisted the price retracement, gained more pressure and pushed down the price to resume a bearish momentum. Today, the bears dominate the USDCHF market with the formation of a strong bearish daily candle.
USDCHF continues its trading below the 21 periods EMA and the 50 periods EMA with increasing distance to each other which indicates that the Bears’ momentum is increasing. An increase in the Bears’ momentum is highly envisaged which will definitely result in to decrease in USDCHF price towards the demand level of $0.95. The Relative Strength Index period 14 is at 30 levels with the signal lines pointing down to indicate a sell signal and further decrease in price.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the medium-term outlook. At the initial stage of the market last week, the momentum of the Bears and that of the Bulls are at equilibrium and the price was ranging at the former demand level of $0.97. Today, the Bears increase their pressure and broke out of the consolidation phase.
The price was trading between the 21 periods EMA and 50 periods EMA before today but currently placed below the $0.97 price level. The Relative Strength period 14 is at 30 levels with the signal lines pointing down to indicate a sell signal.
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