USDCHF Price Analysis – March 02
Should the Bulls increase their momentum to break up the resistance level of $0.91, it will be targeting the $0.92 and $0.93 price levels. In case the resistance level of $0.91 holds, there may be the breakdown of $0.90 which may extend to $0.89 and $0.88 price level.
Key Levels:
Supply levels: $0.91, $0.92, $0.93
Demand levels: 0.90, $0.89, $0.88
USDCHF Long-term Trend: Bullish
USDCHF is bullish in the long-term outlook. The currency pair bottomed at $0.89 two weeks ago. It was on the ranging mode before the market closed at the mentioned level. The bulls’ momentum increased and the price broke up the former resistance level of $0.89 and the price increased to the resistance level of $0.91. The pair has tested the supply level of $0.91 today and it is pulling back.
USDCHF has penetrated the two EMAs upside and it is currently trading above the 9 periods EMA and 21 periods EMA which connotes an increase in bullish momentum. Should the Bulls increase their momentum to break up the resistance level of $0.91, it will be targeting the $0.92 and $0.93 price levels. In case the resistance level of $0.91 holds, there may be the breakdown of $0.90 which may extend to $0.89 and $0.88 price level. The Relative Strength Index period 14 is at 70 levels with the signal line pointing downside which indicates a sell signal.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish on the medium-term outlook. The bullish momentum pushed the pair to reach the resistance level of $0.91 after it penetrated the $0.89 and $0.90 price levels. The pair bounced back to retest the support level of $0.90 but the pair is currently testing dynamic support levels. The bulls restored the bullish trend by increasing the price to touch the supply level of $0.91.
The currency pair is trading within the two dynamic support levels. That is the price is between 21 periods EMA and 9 periods EMA which indicates a gradual increase in the bearish movement. The Relative Strength Index period 14 is below 70 levels with the signal lines pointing down to indicate a sell signal.
