https://ift.tt/C0MgEBVfr Price Bounces Off $0.928 Resistance Level, Bearish Trend May Commence – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price Analysis – February 01

An increase in the Bears’ pressure may push the price to penetrate the support level of $0.928 and the support levels of $0.918, $0.914 and $0.909 may be tested. In case the Bulls’ pressure interrupt the bears, price may incline towards the direction of $0.931 and $0.936.

Key Levels:

Supply levels: $0.928, $0.931, $0.936

Demand levels: $0.918, $0.914, $0.909

USDCHF Long-term Trend: Bearish

USDCHF is bearish on the daily chart outlook. Last week, the price action formed a “W” chart pattern; it is a bullish chart pattern and the price followed the direction of the signal. The price increased to $0.931 resistance level. An evening star candle pattern formed which is a bearish signal. The price has commenced a bearish movement. Today another bearish candle is emerging indicating an increase of the sellers’ momentum.

The currency pair is trading above the two EMAs at short distance as a symbol of an increase in bearish momentum. An increase in the Bears’ pressure may push the price to penetrate the support level of $0.928 and the support levels of $0.918, $0.914 and $0.909 may be tested. In case the Bulls’ pressure interrupt the bears, price may incline towards the direction of $0.931 and $0.936. The Relative Strength Index period 14 is below 60 levels with bearish direction.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish on the 4-hour chart outlook.  The bulls were in control of the USDCHF market last week. The currency pair increased to the resistance level of $0.931. It seems the bears were defending the mentioned level when the price was consolidating at the level. Sellers increase their pressure and the price broke down the $0.926 level.

The fast moving average is crossing the slow moving average downside and the currency pair is trading below the 9 periods EMA and 21 periods EMA at distance which connotes a bearish momentum in the USDCHF market. The Relative Strength Index period 14 is below 50 levels with signal line pointing down to indicate sell signal.