USDCHF Price Analysis – July 07
Further decrease in price is highly envisaged provided bears maintain their momentum and $0.93 price level may be reached, the further decrease may put the rice at $0.92 and $0.90. In case the bearish movement is interrupted by the bulls, then consolidation may continue.
Key Levels:
Supply levels: $0.94, $0.95, $0.96
Demand levels: $0.93, $0.92, $0.90
USDCHF Long-term Trend: Bearish
On the long-term outlook, USDCHF is bearish. The ranging movement in the USDCHF market was terminated by the bears’ pressure on July 06. Last week, USDCHF was ranging within the horizontal channel formed in the daily chart. The bears increased their momentum and the price breaks out at the lower trend line of the channel. The price is targeting the demand level of $0.93 at the moment of writing this report.
The two EMAs are fanned apart to each other with the price trading below the 9 periods EMA and 21 periods EMA; which indicate that the bears prevailed over the bulls and bearish movement commenced. Further decrease in price is highly envisaged, provided the bears maintain their momentum, and $0.93 price level may be reached, the further decrease may put the rice at $0.92 and $0.90. In case the bearish movement is interrupted by the bulls, then consolidation may continue. The barrier points to look out for at the upside are $0.94, $0.95, and $0.96 price level. The Relative Strength Index period 14 is at 30 levels with the signal line pointing downside which indicates a sell signal.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the medium-term outlook. The price action formed a horizontal channel in the 4hour chart. A bearish breakout occurred at the lower trend line of the channel. The price is heading towards the previous low of $0.93 price level.
The pair is trading below the 21 periods EMA and 9 periods EMA which indicates that bearish pressure is increasing. The Relative Strength Index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal and further decrease in price.
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