USDCHF Price Analysis – February 23
Increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may find its resistance at $0.92, 0.94 level provided $0.90 does not hold. Support levels can be found at $0.89, $0.88 and $0.87 levels.
Resistance levels: $0.90 $0.92 $0.94
Support levels: $0.89, $0.88, $0.87
USDCHF Long-term trend: Bullish
On the long-term outlook, USDCHF continues on the bullish trend. The Bulls increase their pressure and dominate the USDCHF market. At the early stage of last week, the bullish movement commences after short consolidation at $0.89 level. There was a further increase in the price of the currency pair. Later, the momentum became weak; that occurred on February 22 with the formation of long grave stone Doji. Yesterday, a daily bullish candle emerged; indicating that the Bulls are strongly increasing their momentum and they may take over the USDCHF market soon.
The currency pair still remains above the two EMAs. The 9 periods EMA maintain its position above the 21 periods EMA and the currency pair keeps a distance away from the two EMAs which indicate the Bulls’ strength in the USDCHF market.
The Relative Strength Index period 14 is above 70 levels bending up to indicate buy signal which may be a price increase. Increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may find its resistance at $0.92, 0.94 level provided $0.90 does not hold. Support levels can be found at $0.89, $0.88 and $0.87 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The Bullish momentum that propelled the currency pair above the price level of $1.01 has not weak but rather stronger on the 4-hour chart. Currently, the currency is targeting the $0.90 level.
The 9 period EMA is above 21 periods EMA, USDCHF is trading above the two EMAs. However, the Relative Strength Index period 14 is at 70 levels with upward direction, which connotes buy signal.