USDCHF Price Analysis – May 10
An increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may break up the resistance level at $0.99, $1.00 levels and may extend to $1.10 level. Interference of the bears may reduce the price to the support level at $0.98, $0.97 and $0.96 levels.
USDCHF Market
Key Levels:
Resistance levels: $0.99 $1.00, $1.10
Support levels: $0.98, $0.97, $0.96
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. The former resistance level of $0.96 has turned to support level which indicates that the bulls keep on ruling the USDCHF market. USDCHF was pulling back at $0.98 price level last week. Today, the bulls are trying to gain more pressure to break up the $0.99 resistance level and the price may move towards the resistance level at $1.00 and $1.10 with the formation of strong daily bullish candle.
The currency pair has broken up the two EMAs. The 9 periods EMA and the 21 periods EMA remains above the currency pair which is moving towards $0.99 level which indicate the Bulls’ strength in the USDCHF market. The Relative Strength Index period 14 is at 80 levels bending up to indicate buy signal. An increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may break up the resistance level at $0.99, $1.00 levels and may extend to $1.10 level. Interference of the bears may reduce the price to the support level at $0.98, $0.97 and $0.96 levels.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The currency pair bounces at the dynamic support level and rallies towards the $0.98 resistance level. It penetrates the barrier at $0.98level. Today, the bulls dominate the USDCHF market and the price is targeting the resistance level at $0.99.
The 9 period EMA has crossed the 21 periods EMA upside, 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.
