https://ift.tt/Alst75H Price Breaks Up $0.92 Resistance Level, Aiming at January High – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price Analysis – March 08

Should the bears break down the support level at $0.92 level, the support level of $0.91 and $0.89 may be tested.  In case the bulls increase their momentum, price may be pushed above the $0.93 resistance level, in which it may increase to $0.94 and $0.95 levels.

Key levels:

Resistance levels: $0.93, $0.94, $0.95

Support levels: $0.92, $0.91, $0.90

USDCHF Long-term Trend: Bullish

USDCHF is on the bullish movement on the long-term outlook.  The currency was on the ranging movement on the daily chart last week. The price was moving within the resistance level of $0.92 and support level of $0.91.  The bulls’ momentum increases and the resistance level of $0.92 was broken upside on March 07. The price is aiming at January high.

USDCHF is trading above the 9 periods EMA and 21 periods EMA which indicate that bullish movement is in progress in the USDCHF market. Should the bears break down the support level at $0.92 level, the support level of $0.91 and $0.89 may be tested.  In case the bulls increase their momentum, price may be pushed above the $0.93 resistance level, in which it may increase to $0.94 and $0.95 levels. The Relative Strength Index period 14 is at 59 levels with the signal line pointing upside indicating a buy signal.

USDCHF Medium-term Trend: Bullish

USDCHF is bullish on the medium-term outlook.  The formation of triple bottom chart pattern is noticed on the 4-hour chart. The first touch was on February 21, the second one was on March 01 and the third one was on March 04. The price bounced and soars toward the resistance level of $0.93 after breaking up the resistance level of $0.92.

The currency pair is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls are already taken over the market. The Relative Strength Index period 14 is at 69 levels with the signal lines exhibiting strong buy signal.