USDCHF Price Analysis – May 31
When Buyers’ momentum increase, USDCHF price will increase which may break up the resistance level at $0.960 and $0.962 levels and may extend to $0.978 level. In case sellers defend the $0.960 level, price may decrease to the support levels at $0.952, $0.947 and $0.943.
USDCHF Market
Key Levels:
Resistance levels: $0.960, $0.962, $0.978,
Support levels: $0.952, $0.947, $0.943
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. The bears took over the market from the bulls. When the price increased to the resistance level at $1.005 and the bulls’ pressure could not push up the price above the resistance level. An inverted pin bar formed which indicate an increase in the sellers’ momentum. Strong bearish candles were produced and the price falls to the support level of $0.952.
The currency pair is trying to reverse as the daily strong candle emerges. The 9 periods EMA and the 21 periods EMA has been crossed downside and the currency pair is trading below the two EMAs. The Relative Strength Index period 14 is at 42 levels bending up to indicate buy signal. When Buyers’ momentum increase, USDCHF price will increase which may break up the resistance level at $0.960 and $0.962 levels and may extend to $0.978 level. In case sellers defend the $0.960 level, price may decrease to the support levels at $0.952, $0.947 and $0.943.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. The bulls are reacting against bears at the support level of $0.960. The currency pair is gradually increasing towards resistance level of $0.961. The price direction may change to bullish as more bullish candles are emerging. It may penetrate the barrier at $0.960, $0.962 and $0.978 levels. Today, the bears are dominating the USDCHF market and the price is exerting pressure on the resistance level at $0.960.
The 9 period EMA is crossing the 21 periods EMA upside, USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 50 levels with upward direction, which connotes buy signal.
