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USDCHF Price Breaks Up $0.91 Resistance Level Targeting $0.92

USDCHF Price Analysis – July 20

An increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may reach the resistance level at $0.92, 0.93 levels and may extend to $0.94 level. Interference of the bears may reduce the price to the support level at $0.91, $0.90 and $0.89 levels.

USDCHF Market

Key Levels:

Resistance levels: $0.92 $0.93, $0.94

Support levels: $0.91, $0.90, $0.89

 

USDCHF Long-term trend: Bullish

USDCHF is bullish on the long-term outlook. The former resistance level of $0.91 has turned to support level which indicates that the bulls keep on ruling the USDCHF market. USDCHF was consolidating within $0.91 and $0.90 price level last week. Today, the bulls gain more pressure to break up the $0.91 resistance level and the price move towards the resistance level at $0.92 with the formation of strong daily bullish candle.

USDCHF Daily chart, July 20

The currency pair has broken up the two EMAs. The 9 periods EMA and the 21 periods EMA remains above the currency pair which is moving towards $0.92 level which indicate the Bulls’ strength is increasing.The Relative Strength Index period 14 is at 60 levels bending up to indicate buy signal. An increase in the Bulls’ momentum will lead to an increase in the USDCHF price which may reach the resistance level at $0.92, 0.93 levels and may extend to $0.94 level. Interference of the bears may reduce the price to the support level at $0.91, $0.90 and $0.89 levels.

 

 USDCHF Medium-term Trend: Bullish

USDCHF is bullish in the medium-term outlook. The currency pair reverses at the area close to support level of $0.90 and rallies towards the $0.92 resistance level. It penetrates the barrier at $0.91 level. Today, the bulls dominate the USDCHF market and the price is targeting the resistance level at $0.92.

USDCHF 4 hour chart, July 20

The 9 period EMA has crossed the 21 periods EMA upside, USDCHF is trading above the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 60 levels with downward direction, which connotes sell signal which may be a pullback.

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