USDCHF Price Reverses at $0.92, Targeting $0.90 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDCHF Price Analysis – February 22
In case the bears increase their momentum, price may be pushed to the $0.90 support level, in which it may decrease to $0.89 and $0.88 levels. Should the bulls break up the resistance level at $0.91 level, the resistance level of $0.92 and $0.93 may be reached.
Key levels:
Resistance levels: $0.91, $0.92, $0.93
Support levels: $0.90, $0.89, $0.88
USDCHF Long-term Trend: Bearish
USDCHF is on the bearish movement on the long-term outlook. The currency pair was on the ranging movement last week around the resistance level of $0.92. The bulls’ momentum fails, the bears gained more pressure and a strong daily bearish candle emerged. The bearish candle breaks down the $0.91 former support level. The price is heading towards the $0.90 support level.
USDCHF is trading below the 9 periods EMA and 21 periods EMA which indicate that bears are in control of the USDCHF market. In case the bears increase their momentum, price may be pushed to the $0.90 support level, in which it may decrease to $0.89 and $0.88 levels. Should the bulls break up the resistance level at $0.91 level, the resistance level of $0.92 and $0.93 may be reached. The Relative Strength Index period 14 is at 41 levels with the signal line pointing downside indicating a sell signal.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish on the medium-term outlook. The sellers gathered more momentum to push USDCHF away from the ranging zone it was last week. This is clearly seen on the 4 hour chart as a strong bearish candle broke down the former support level of $0.91. The price is currently consolidating close to dynamic resistance levels.
The pair is trading below the 9 periods EMA and 21 periods EMA which indicate that bearish movement may continue. The Relative Strength Index period 14 is at 30 levels with the signal lines exhibiting sell signal.
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