USDCHF Price Analysis – March 31
In case the bears defend the $0.96 price level, the price will resume its bearish momentum and it may target the previous low of $0.93 price level. An increase in the Bulls’ pressure will push up the price and break up the resistance levels of $0.97 and $0.98.
Key Levels:
Supply levels: $0.97, $$0.98, $0.99
Demand levels: 0.96, $0.95, $0.94
USDCHF Long-term Trend: Bearish
USDCHF is bearish on the long-term outlook. USDCHF price was on the bullish trend a few days ago. The bullish movement placed the price at the supply level of $0.99 on March 20. A Doji candle emerged as a daily candle; this is an indecision candle pattern. Following the scenario was the formation of a bearish candle that broke down the demand level of $0.97, $0.96 and $0.95. The bulls defended the demand level of $0.95 and the price pulled back to retest the $0.96 price level.
The USDCHF is trading below the 9 EMA periods 14and 21 EMA periods 14 and the two EMAs are close to each other which indicates that the bulls are taking over the market gradually. In case the bears defend the $0.96 price level, the price will resume its bearish momentum and it may target the previous low of $0.93 price level. An increase in the Bulls’ pressure will push up the price and break up the resistance levels of $0.97 and $0.98. The Relative Strength Index period 14 is at 50 levels with the signal line pointing upside which indicates a buy signal which may be a pullback.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish on the medium-term outlook. The bullish momentum commenced when the price found support at the $0.95. The bearish pressure failed and could not break down the mentioned level. The resistance level of $0.96 is broken up.
USDCHF has penetrated the 21 periods EMA and 9 periods EMA which connotes bullish movement. Meanwhile, the Relative Strength Index period 14 is at 50 levels with the signal lines pointing down to indicate a sell signal which may be a pullback.
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