https://ift.tt/3K1oynG There Be Enough Bullish Pressure to Break Up $0.928 Level? – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price Analysis – January 11

An increase in the Bulls’ pressure may push the price to penetrate the resistance level of $0.928 and the resistance levels of $0.936 and $0.946 may be tested. In case the Bears’ pressure interrupt the price, it may reverse towards the direction of $0.918, $0.914 and $0.909 support levels

Key Levels:

Supply levels: $0.928, $0.936, $0.946

Demand levels: $0.918, $0.914, $0.909

USDCHF Long-term Trend: Bullish

USDCHF is bullish on the long-term outlook. The support level of $0.90 was tested second time on December 31. A bullish engulfing candle formed the following day which is an indication that bulls are ready to flux the market. The price increase and break up the $0.918 resistance level. The price tested the resistance level of $0.928. At the moment, bulls are trying to break up the resistance level of $0.928.

The currency pair is trading above the two EMAs at a distance as a symbol of a bullish market. The price is trading above the 9 periods EMA and trying to penetrate 21 periods EMA upside. An increase in the Bulls’ pressure may push the price to penetrate the resistance level of $0.928 and the resistance levels of $0.936 and $0.946 may be tested. In case the Bears’ pressure interrupt the price, it may reverse towards the direction of $0.918, $0.914 and $0.909 support levels. The Relative Strength Index period 14 is at 60 levels with downward direction.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish on the medium-term outlook.  Bulls defend the support level of $0.909 when there was a partial bearish breakout at the support level of $0.918 last week. The price decreased to the $0.909 support level. Price bounces up from the mentioned support level and it increases toward the resistance level of $0.928.

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. However, the Relative Strength Index period 14 is at 60 levels with signal line pointing down to indicate sell signal.