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USDCHF Breaks support Level of $0.89, Price May Decline to $0.87

The Bears prevail over the bulls

Azeez M. Mustapha by Azeez M. Mustapha
December 2, 2020
in Analysis, FX Industry, Review
Reading Time: 3min read
Share on FacebookShare on Twitter

USDCHF Price Analysis – December 02

Ranging movement may continue until there is a breakout at the resistance level of $0.91, which may increase the price to $0.92 and $0.93 resistance levels. The exertion of more pressure by the bears may break down the $0.90 support level and it may decrease the price to $0.89 and $0.86 price levels.

Key Levels:

Supply levels: $0.89, $0.90, $0.91
Demand levels: $0.88, $0.87, $0.86

USDCHF Long-term Trend: Bearish

USDCHF is bearish in the long-term outlook. The currency pair was ranging within the resistance level of $0.9 and the resistance level of $0.91. The bears put end to ranging movement on November 25 when the bearish momentum increased with the formation of a strong bearish candle that penetrates the support level of $0.90. The price declined further with the formation of more bearish candles. Today, another big daily bearish candle emerges that breaks downside the support level of $0.89.

USDCHF Daily chart, December 02

The price is moving downside towards the support level of $0.88 at the moment. The two dynamic levels are separated and the 9-periods EMA has crossed the 21 periods EMA downside which connotes strong bearish momentum. The support level of $0.99 will be tested and if it does not hold, the support level of $0.87 and $0.86 will be tested. In case it holds, the price may reverse and be exposed to the resistance level of $0.89, $0.90, and $0.91.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the 4-hour chart. The currency pair was range-bound last week within the resistance level of $0.91 and the support level of $0.90. The price broke out at the support level of $0.90. Since then, the price has been moving down to the extent that the former support level of $0.89 has turned to a resistance level.

USDCHF 4-hour chart, December 02

USDCHF is trading below the 9 periods EMA and the 21 periods EMA with the two separated from each other as an indication of bearish momentum. However, the relative strength index period 14 is bending down at 20 levels to indicate a sell signal.

Tags: MarketingTechnical AnalysisUSDCHF

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