USDCHF Price Is Gathering Momentum for a Breakout – Cryptovibes.com – Daily Cryptocurrency and FX News
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USDCHF Price Analysis – December 21
In case the Bears’ pressure increase, the support level of $0.914 may be broken downside, the support levels of $0.909 and $0.902 may be the target. An increase In the Bulls’ pressure at $0.914 may reverse the price direction towards $0.921, $0.928 and $0.936 resistance levels.
Key Levels:
Supply levels: $0.921, $0.928, $0.936
Demand levels: $0.918, $0.909, $0.902
USDCHF Long-term Trend: Ranging
USDCHF is ranging on the long-term outlook. The bearish trend that commenced at $0.936 on November 26 with the formation of big daily bearish candle could not continue. The price hit the support level of $0.914 and bounced up to retest the $0.928 level. Since then, it seems the momentum of the bulls are equal to that of bears; the price is ranging within the $0.921 and $0.918 levels.
The currency pair is moving over and around the two EMAs as a symbol of a ranging market. The price is trading over and around the 9 periods EMA and 21 periods EMA. In case the Bears’ pressure increase, the support level of $0.914 may be broken downside, the support levels of $0.909 and $0.902 may be the target. An increase In the Bulls’ pressure at $0.914 may reverse the price direction towards $0.921, $0.928 and $0.936 resistance levels. The Relative Strength Index period 14 is at 50 levels without specific signal direction.
USDCHF Medium-term Trend: Ranging
USDCHF is ranging on the medium-term outlook. The Bearish movement drive the price down to the support level of $0.914. The mentioned level holds and the price bounced back. The bulls’ pressure also became weak and could not break up the resistance level of $0.928. The price started a ranging movement within $0.918 and $0.928 levels.
The two EMAs are interlocked to each other and the currency pair is trading around the 9 periods EMA and 21 periods EMA which connotes a ranging market in the USDCHF market. The Relative Strength Index period 14 is at 50 levels without specific signal direction.
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