https://ift.tt/9zVhCQJ Break Up of $0.928 Level May Increase Price to $0.936 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

 USDCHF Price Analysis – February 08

The currency pair is targeting the previous high of $0.931, in case the bulls can push the price above the $0.928 level, then $0.931 and $0.936 may be the next target level. Ability to push the price below the $0.918 level may decrease the price towards the support levels at $0.914 and $0.909.

Key Levels:

Supply levels: $0.928, $0.931, $0.936

Demand levels: $0.918, $0.914, $0.909

USDCHF Long-term Trend: Bullish

On the long-term outlook, the bulls are exerting more pressure. In other words the currency pair is bullish. The evening star candle pattern formed on the daily chart on January 28 is the factor that triggers the bearish momentum. The price descends and break down the former support level of $0.928 and tested the support level of $0.918. At the moment, the bulls are increasing their momentum.

The 9 periods EMA has crossed the 21 periods EMA upside to indicate buy signal. The price is trading between the 9 periods EMA and 21 periods EMA which indicate a weak sell signal. The currency pair is targeting the previous high of $0.931, in case the bulls can push the price above the $0.928 level, then $0.931 and $0.936 may be the next target level. Ability to push the price below the $0.918 level may decrease the price towards the support levels at $0.914 and $0.909. The relative strength index period 14 is bending up at 55 levels which indicates a buy signal.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the 4-hour chart. Bulls are trying to take over the USDCHF market but the bears are opposing the movement. The price closed at the support level of $0.918 last week with the aim of continue a bearish trend but the bulls would not allow the bearish movement continuation. The bulls exerted more pressure and the price is inclining towards the $0.926 price level. It is currently consolidating at the mentioned level.

The relative strength index period 14 is not displaying a specific direction which indicate that consolidation is in progress. Meanwhile, the price is trading around the 9 periods EMA and 21 periods EMA which indicate a ranging market.