USDCHF Price Analysis – August 11
The price is trying to cross above the two EMAs, in case it succeeded cross above the EMAs, then, the price will penetrate the supply level of $0.92 and may reach $0.93 – $0.94. In case the supply level of $0.92 holds, the price may reverse and face the demand levels of $0.90, $0.88, and $0.86.
Key Levels:
Supply levels: $0.92, $0.93, $0.94
Demand levels: $0.90, $0.88, $0.86
USDCHF Long-term Trend: Bullish
The strength of the US dollar is increasing gradually. USDCHF is bullish in the daily chart. The currency pair bottomed at the demand level of $0.90 on August 06; this is the second time the price is testing the just mentioned level. The bulls gained more momentum, more bullish candles were produced, and the price increase towards the dynamic resistance level of 9 periods EMA and 21 periods EMA.
The bullish momentum may continue to increase as the Relative Strength Indicator period 14 is rising from the oversold zone above 25 levels. The price is trying to cross above the two EMAs, in case it succeeded cross above the EMAs, then, the price will penetrate the supply level of $0.92 and may reach $0.93 – $0.94. In case the supply level of $0.92 holds, the price may reverse and face the demand levels of $0.90, $0.88, and $0.86.
USDCHF Medium-term Trend: Bullish
The price action in the 4-hour chart is completing the formation of the “W” chart pattern. The demand level of $0.90 still holds the price and USDCHF price is inclining towards the resistance level of $0.92. The last part of the “W” pattern may be completed above the supply level of $0.93.
USDCHF is found above the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 is above 50 levels pointing up to indicate a buy signal. Buy trade setup (instant execution) at $0.91540, take profit at $0.93397 and stop-loss at $0.90712 is advisable.
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