USDCHF Price Analysis – July 14
Further decrease in price is highly envisaged provided the bears try to 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
USDCHF is bearish on the long-term outlook. The bears are still in control of the USDCHF market. They hold tightly to the pair giving little or no room for the bulls. Last week, there was a pullback towards the dynamic support and resistance level. Today, the currency pair resumes its bearish trend with the formation of a strong daily bearish candle.
The two EMAs remain above the price in which the 21 periods EMA is above 9 periods EMA which indicates further bearish momentum. The price is approaching a significant demand level of $0.93, which may lead the price to further reduction to $0.92 and $0.90. In case the demand level of $0.93 holds the price, it may reverse and face supply levels of $0.94, $0.95, and $0.96. The Relative Strength Index period 14 is at 30 levels with the signal line pointing downside which indicates a strong sell signal.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the medium-term outlook. At a certain period in the USDCHF market last week, the bulls’ and the bears’ momentum was at equilibrium. The currency pair was consolidating at the level. The bears started gaining more pressure on July 13 and this cause the price reduction towards the demand level of $0.93 at the moment.
The two EMAs are not well separated, however, USDCHF is trading below the 21 periods EMA and 9 periods EMA which indicates that bears dominate the market. The Relative Strength Index period 14 is at 40 levels with the signal line pointing down to indicate a sell signal and further reduction in price.
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