USDCHF Price Analysis – June 14
When the sellers defend the $1.00 level, price may decrease to the support levels at $0.99, $0.98 and $0.97. In case Buyers’ momentum increase, USDCHF price will increase which may break up the resistance level at $1.00 and $1.01 levels and it may extend to $1.02 level.
USDCHF Market
Key Levels:
Resistance levels: $1.00, $1.01, $1.02,
Support levels: $0.99, $0.98, $0.97
USDCHF Long-term trend: Bullish
USDCHF is bullish on the long-term outlook. When the currency pair found support at the low of $0.95level last two weeks. The bulls and bears lose momentum and the price consolidates for few days. A bullish engulfing candle formed which triggers a bullish movement. The former resistance level of $0.96 has been broken upside. The price is currently aiming at the previous high at the resistance level of $1.00.
The currency pair is targeting the resistance level of $1.00 as the daily strong candle emerges and testing the level. The 9 periods EMA and the 21 periods EMA has been crossed upside and the currency pair is trading above the two EMAs. The Relative Strength Index period 14 is at 72 levels bending up to indicate buy signal. When the sellers defend the $1.00 level, price may decrease to the support levels at $0.99, $0.98 and $0.97. In case Buyers’ momentum increase, USDCHF price will increase which may break up the resistance level at $1.00 and $1.01 levels and it may extend to $1.02 level.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish in the medium-term outlook. After the prevailing of the Buyers over the sellers at the support level of $0.95. Bullish movement was triggered when bullish engulfing candle formed. Price broke up the resistance level of $0.98 and $0.99. The price is heading towards the previous high at $1.00 level.
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 71 levels with upward direction, which connotes buy signal.
