Buyers Interrupts Sellers at $0.909 Support Level, Further Increase Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDCHF Price Analysis – January 04
Further increase in the Bulls’ pressure may break up the resistance level of $0.918 and the resistance levels of $0.928 and $0.936 may be the target. In case the Bears’ pressure interrupt the price, it may reverse towards the direction of $0.914, $0.909 and $0.902 support 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. The bearish pressure has pushed the price to the support level of $0.90. This is the second time the price is testing the just mentioned level. The first time was on November 01, the second time was on December 31. On January 03, a strong bullish engulfing candle emerged and the price bounces to test the resistance level of $0.918. The momentum of the bulls is increasing on the daily chart.
The currency pair is moving above the two EMAs as a symbol of a bullish market. The price is trading above the 9 periods EMA and trying to penetrate 21 periods EMA upside. Further increase in the Bulls’ pressure may break up the resistance level of $0.918 and the resistance levels of $0.928 and $0.936 may be the target. In case the Bears’ pressure interrupt the price, it may reverse towards the direction of $0.914, $0.909 and $0.902 support levels. The Relative Strength Index period 14 is at 50 levels with upward direction.
USDCHF Medium-term Trend: Bullish
USDCHF is bullish on the medium-term outlook. Last week, the currency pair was on the ranging movement within $0.918 and $0.928 levels. The bears prevailed and there was a breakout at the support level of $0.918. The price decreases to $0.909 level. Bulls defend the just mentioned level and the price increases testing the resistance level of $0.918.
The two EMAs are separated from each other and the currency pair is trading above the 9 periods EMA and 21 periods EMA which connotes a bullish market in the USDCHF market. The Relative Strength Index period 14 is at 60 levels with signal line pointing up to indicate buy signal.
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