USDCHF Price Analysis – March 24
The price has retested the demand level of $0.98 and pulled back, a further increase in the bulls’ pressure to break up the supply level of $0.98 will place the price at $0.99 price level. In case the supply level of $0.98 holds, the bears may take over the market.
Supply levels: $0.98, $0.99, $1.0
Demand levels: $0.97,$0.96, $0.95
USDCHF Long-term Trend: Bullish
On the long-term outlook, USDCHF is bullish. Last week, the USDCHF price closed at the resistance level of $0.96 preparing to break up the level. On 18 March, the bulls appeared with increased momentum and the $0.96 price level was a broken upside. USDCHF price rally towards the resistance level of $0.98, the just mentioned level was penetrated and the price reached the supply level of $0.99 on March 20. The just mentioned level holds the price and the bullish pressure is getting weaker. In other words, the price may reverse at the supply level of $0.98.
The 9 EMA periods 14 has crossed the 21 periods EMA upside, the price is trading above the two EMAs as a sign of bullish momentum. The price has retested the demand level of $0.98 and pulled back, a further increase in the bulls’ pressure to break up the supply level of $0.98 will place the price at $0.99 price level. In case the supply level of $0.98 holds, the bears may take over the market. The Relative Strength Index period 14 is above 60 levels with the signal line pointing downside which indicates a sell signal which may be a pullback.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish on the medium-term outlook. The bullish momentum pushed the USDCHF to form a double top chart pattern on the 4-hour. The price has started declining. Today, the bulls interrupt the decrease in price.
USDCHF is trading above the 21 periods EMA and 9 periods EMA which connotes bullish movement.
Meanwhile, the Relative Strength Index period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.
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