USDCHF Price Has Potential to Breakup $0.88 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News

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USDCHF Price Analysis – January 13

Should the bears continue to push down the price to the support level of $0.87, then, $0.86 and $0.85 level may be tested. The ability to push up the price above the resistance level of $0.88 may increase it to the resistance level at $0.89, and $0.90.

Key Levels:

Supply levels: $0.88, $0.89, $0.90

Demand levels: $0.87, $0.86, $0.85

USDCHF Long-term Trend: Bullish

USDCHF is under the control of the bulls in the long-term outlook. The price was bearish last week. The bearish momentum pushed down the price to test the support level of $0.87. There was a fake breakout but the bears could not sustain their momentum. A Morning star chart pattern emerged; which is a bullish reversal pattern. The price increases and the resistance level of $0.88 were tested.

On January 12, the bears dominate the market and a daily bearish candle appears; this pushes down the price to retest the dynamic levels. Should the bears continue to push down the price to the support level of $0.87, then, $0.86 and $0.85 level may be tested. The ability to push up the price above the resistance level of $0.88 may increase it to the resistance level at $0.89, and $0.90. The fast-moving dynamic support level is trying to cross the slow-moving dynamic support level upside. The price is trading between the 9-periods EMA and the 21 periods EMA which indicates that the bulls may return to the market with full pressure.

 

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the 4-hour chart. The price action has formed a double bottom chart pattern in the medium term at the $0.87 level last two weeks. The price bounced and the bulls’ momentum increases and push up the price to the resistance level of $0.88.

The bullish momentum is becoming weaker and the price is reversing at the resistance level of $0.88. USDCHF is trading below the 9 periods EMA and 21 periods EMA which indicates that the bears are taken over the USDCHF market gradually. The relative strength index period 14 is bending down at 50 levels to indicate a sell signal.

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