USDCHF Price Analysis – January 26
The bulls may push the price up to break the resistance level of 0.89, which may extend to $0.90 and $0.95 level. In case the bears defend the $0.89 level; the price may reverse and be confronted with the support level at $0.87, $0.86, and $0.85.
Key Levels:
Supply levels: $0.89, $0.90, $0.95
Demand levels: $0.87, $0.86, $0.85
USDCHF Long-term Trend: ranging
USDCHF is on the ranging mode in the daily chart. USDCHF bottomed at the support level of $0.87 on January 05 and the price maintained the same position for three days. A daily Doji candle produced and followed by the daily bullish engulfing candle pattern indicates that the bulls are ready to take over the market. The currency pair increased to test the $0.89 price level and the bulls lose momentum which leads to price consolidation around the $0.89 level.
The bulls may push the price up to break the resistance level of 0.89, which may extend to $0.90 and $0.95 level. In case the bears defend the $0.89 level; the price may reverse and be confronted with the support level at $0.87, $0.86, and $0.85.The two dynamic levels are interlocked to each other and the price is hovering over the two EMAs which connotes that consolidation is ongoing.
USDCHF Medium-term Trend: ranging
USDCHF is ranging on the 4-hour chart. USDCHF is range-bound within the resistance level of $0.89 and the support level of $0.87 after the bears push down the pair to a support level of $0.87. The bulls opposed the price declination and it increases towards the resistance level of $0.89. The resistance level of $0.89 holds and the price pulled back. The bulls push up the price to retest the resistance level of $0.89 a second time, but unable to break it up and this leads to ranging movement within a boundary.
USDCHF is trading over and around the two EMAs which indicating a loss of momentum between $0.89 and $0.87 level.
