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USDCHF Price Analysis – August 09

An increase in the Bears’ momentum will lead to decrease in the USDCHF price which may break down the support level at $0.95, $0.94 levels and may extend to $0.93 level. In case the bulls defend the support level of $0.95, price may increase to the resistance levels at $0.96, $0.97 and $0.98.

USDCHF Market

Key Levels:

Resistance levels: $0.96, $0.97, $0.98

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Support levels: $0.95, $0.94, $0.93

 

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The bulls were not able to break up the resistance level o$ $0.98. A bearish engulfing candle formed at the same level triggers downtrend. The former support levels of $0.97 and $0.96 was broken down. The low of $0.95 support level was reached on August 01. The following day, bulls opposed the bearish momentum and the price pulled back.

Last week, the currency pair was ranging within $0.95 and $0.96 levels. The price is trading within the two EMAs. The 9 periods EMA remains below the 21 periods EMA. The Relative Strength Index period 14 is at 42 levels bending down to indicate sell signal. An increase in the Bears’ momentum will lead to decrease in the USDCHF price which may break down the support level at $0.95, $0.94 levels and may extend to $0.93 level. In case the bulls defend the support level of $0.95, price may increase to the resistance levels at $0.96, $0.97 and $0.98.

 

 USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the medium-term outlook. When the currency pair bounces off at the resistance level of $0.98, the price decline towards the $0.96 support level. It penetrates the barrier at mentioned level. The bears dominate the USDCHF market and the price tested the support level at $0.95.

The 9 period EMA has crossed the 21 periods EMA downside, USDCHF is trading below the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 44 levels with upward direction, which may be pullback.

 



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