USDCHF Price Analysis – April 06
Should bears push down the price below $0.92 price level, the price is likely to reach $0.91 and $0.88 price level. In case the support level of $0.92 level holds, price may reverse and confront the resistance level at $0.93, $0.94 and &0.95.
Resistance levels: $0.93 $0.94, $0.95
Support levels: $0.92, $0.91, $0.88
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. The US Dollar has been strong in terms of currency strength for some weeks, this is what give the USDCHF opportunity to remains under the bulls for more than three weeks. The bullish momentum pushed the price to reach the high of $0.95 resistance level. The bulls’ momentum is getting weak and the bears are gradually taking over the USDCHF market. Yesterday’s market was bearish with the formation of strong daily bearish candle that penetrates the $0.93 level downside.
USDCHF has broken down the two EMAs. The price is trading below the 9 periods EMA, targeting the 21 periods EMA; it indicates that the bears are increasing their momentum and price may decrease further. Should bears push down the price below $0.92 price level, the price is likely to reach $0.91 and $0.88 price level. In case the support level of $0.92 level holds, price may reverse and confront the resistance level at $0.93, $0.94 and &0.95. The Relative Strength Index period 14 is above 50 levels bending down to indicate sell signal.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The currency pair is rejected at the resistance level of $0.95 and descends to break down the $0.93 support level. It penetrates the barrier at $0.93 level. At the moment, the bears are exerting more pressure and the price is decreasing towards the support level of $0.92.
The 9 period EMA has crossed the 21 periods EMA downside while USDCHF is trading below the two EMAs. The Relative Strength Index period 14 is at 20 levels with signal line pointing down to indicate sell signal.