USDCHF Price Analysis – June 28
An increase in the Bears’ momentum will break down the $0.95 level, further increase bears’ pressure may decrease the price to $0.94, and $0.93 levels. In case the bulls oppose the bears, price may increase to the resistance levels at $0.96, $0.97 and $0.98 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: Bearish
On the long-term outlook, USDCHF is bearish. When the bulls pushed the price to reach the high of $1.00 level on June 15 to form a double top chart pattern. The former support level of $0.98 turned to resistance level which indicates that the bearish momentum is increasing in the USDCHF market. The bears’ momentum breaks down the $0.96 level as USDCHF is trading below $0.96 price level at the moment. Today, the bears gains more pressure to test the $0.95 support level and it pulled back.
The currency pair has penetrated the two EMAs downside. The 9 periods EMA and the 21 periods EMA remains above the currency pair at distance which indicate that Bears’ strength in the USDCHF market is increasing. The Relative Strength Index period 14 is at 40 levels pointing down to indicate bearish signal. An increase in the Bears’ momentum will break down the $0.95 level, further increase bears’ pressure may decrease the price to $0.94, and $0.93 levels. In case the bulls oppose the bears, price may increase to the resistance levels at $0.96, $0.97 and $0.98 levels.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The currency reverses at the resistance level of $1.00 and it is moving towards the $0.98 support level. It penetrates the barrier at the mentioned level. Today, the bears dominate the USDCHF market and the price is targeting the support level at $0.95.
USDCHF is trading below the two EMAs and the 9 period EMA has crossed the 21 periods EMA downside. Meanwhile, the Relative Strength Index period 14 is at 44 levels with downward direction.
