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USDCHF Price May Reverse at $0.891 Support Level

USDCHF Price Analysis – June 01

The breakup of the $0.905 resistance level may push the price to $0.919 and $0.928 levels. When the bears break down the support level at $0.898 level, the support level of $0.891 and $0.878 may be reached.

Key Levels:

Resistance levels: $0.905, 0.919, $$0.928

Support levels: $0.898, $0.891, $0.878

 

USDCHF Long-term Trend: Bearish

USDCHF is bearish on the long-term outlook.  The sellers’ pressure which started on April 06 has pushed the price to the low of $0.891 support level. The support level holds and the price could not break down the mentioned level. It seems the bearish momentum is getting weak and the price is gradually pulling back.

USDCHF daily chart, June 01

The pair is trading below the 9 periods EMA and 21 periods EMA at close contact with the EMAs, which indicate that bulls are gathering momentum to take over the market. The breakup of the $0.905 resistance level may push the price to $0.919 and $0.928 levels. When the bears break down the support level at $0.898 level, the support level of $0.891 and $0.878 may be reached.  The Relative Strength Index period 14 is at 40 levels with the signal line pointing upside indicating a buy signal.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish on the medium-term outlook.  The downtrend movement is gradually fading away from the USDCHF market. It has been trending downside with the help of bears’ pressure but the pressure is becoming weak. The strength of the bulls is increasing and the dynamic resistance level is penetrated.  The price may increase to the resistance level of $0.905.

USDCHF 4 hour chart, June 01

The pair is trading above the 9 periods EMA and 21 periods EMA at close distance which indicate bullish market. The Relative Strength Index period 14 is at 50 levels with the signal lines exhibiting bullish direction.

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