USDCHF Price Analysis – April 26
An increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may reach the resistance level at $0.97, and may extend to 0.98 levels. Interference of the bears may reduce the price to the support level at $0.95, $0.94 and $0.93 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.96 $0.97, $0.98
Support levels: $0.95, $0.94, $0.93
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. The former resistance level of $0.94 and $0.95 has turned to support level which indicates that the bulls keep on ruling the USDCHF market. USDCHF was pulling back to retest $0.94 level last week. Today, the bulls gain more pressure to break up the $0.95 resistance level and the price move towards the resistance level at $0.96 with the formation of strong daily bullish candle, pressing hard on the level.
The currency pair has broken up the two EMAs. The 9 periods EMA and the 21 periods EMA remains below the currency pair, testing $0.96 level which indicate the Bulls’ strength in the USDCHF market. The Relative Strength Index period 14 is at 76 levels bending up to indicate buy signal. An increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may reach the resistance level at $0.97, and may extend to 0.98 levels. Interference of the bears may reduce the price to the support level at $0.95, $0.94 and $0.93 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The currency pair bounces at the support level of $0.94 and rallies towards the $0.95 resistance level. It penetrates the barrier at $0.95 level. Today, the bulls dominate the USDCHF market and the price is testing the resistance level at $0.96.
The 9 period EMA is above the 21 periods EMA. USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 63 levels with upward direction, which connotes buy signal.
