Bears Are Prevailing Over Bulls – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDCHF Price Analysis – December 28
An increase in the Bears’ pressure may break down the support level of $0.914 and the support levels of $0.909 and $0.902 may be the target. In case the Bulls’ pressure increase, price may reverse towards the direction of $0.918, $0.928 and $0.936 resistance levels.
Key Levels:
Supply levels: $0.918, $0.928, $0.936
Demand levels: $0.914, $0.909, $0.902
USDCHF Long-term Trend: Bearish
USDCHF is bearish on the long-term outlook. Last week, the price was on the ranging movement within the resistance level of $0.928 and support level of $0.918. The momentum of the bulls was equal to that of bears. On December 23, the bears gained more pressure and the support level of $0.918 was penetrated, the price decline towards the support level of $0.914. USDCHF is currently playing within the range of $0.918 and $0.914 levels.
The currency pair is moving below the two EMAs as a symbol of a bearish market. The price is trading below the 9 periods EMA and 21 periods EMA. An increase in the Bears’ pressure may break down the support level of $0.914 and the support levels of $0.909 and $0.902 may be the target. In case the Bulls’ pressure increase, price may reverse towards the direction of $0.918, $0.928 and $0.936 resistance levels. The Relative Strength Index period 14 is below 50 levels without specific signal direction.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the medium-term outlook. The price started a ranging movement within $0.918 and $0.928 levels last week when support level of $0.918 holds. The bulls’ pressure was weak and could not break up the resistance level of $0.928. The bears prevailed and the price decreases towards the support level of $0.914.
The two EMAs are interlocked to each other and the currency pair is trading below the 9 periods EMA and 21 periods EMA which connotes a bearish market in the USDCHF market. The Relative Strength Index period 14 is above 40 levels with signal line pointing up to indicate buy signal.
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