15.08.2022
Chicago 12, Melborne City, USA
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USDCHF Price Is Pulling Back at $0.95 Support Level

USDCHF Price Analysis – July 01

When the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 levels. Should the bears break down the support level of $0.95, the price may decrease towards $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: Bearish

USDCHF is bearish on the long-term outlook. The double top chart pattern formed on the daily chart triggers a bearish trend. The bearish trend began on June 14 by the pressure of bears. A bearish engulfing candle formed and the price obeyed the command. Strong bearish daily candles formed and the price decreases to test $0.95 support level. The former support levels of $0.98 and $0.97 have turned to resistance levels. Today, Bulls dominate the market and the price pulls back.

USDCHF is trading slightly above the 9 periods EMA but below the two EMAs as a sign of pullback or price retracement. The Relative Strength Index period 14 is at 45 levels bending up to indicate a buy signal which may be a pullback. When the support level of $0.95 holds, bullish momentum may increase, USDCHF price may bounce off the level, then, 0.96 levels may be reached and it may incline to $0.97 and $0.98 levels. Should the bears break down the support level of $0.95, the price may decrease towards $0.94, and $0.93 levels.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The price reverses at the resistance level of $1.00 and breaks down former support levels of $0.98 and $0.97. Sellers pushed the USDCHF to the support level of $0.95. The bulls’ momentum failed and the price pulled back today. Pullback is expected in any trending market.

The 9 period EMA is crossing the 21 period EMA upside. USDCHF is trading above the two EMAs as the price is increasing. The Relative Strength Index period 14 is at 59 levels with signal line showing bullish signal.

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