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Bears Defend $0.936 Level, Bearish Trend May Extend to $0.921 – Cryptovibes.com – Daily Cryptocurrency and FX News

Bears Defend $0.936 Level, Bearish Trend May Extend to $0.921 – Cryptovibes.com – Daily Cryptocurrency and FX News


USDCHF Price Analysis – November 30

Further increase in the Bears’ momentum will decrease the USDCHF price which may reach the support level at $0.914, 0.909 levels and may extend to $0.92 level. In case the bulls defend the support level of $0.914, then, $0.921 and $0.9 are the resistance level to target.

USDCHF Market

Key Levels:

Resistance levels: $0.921 $0.928, $0.936

Support levels: $0.914, $0.909, $0.909

 

USDCHF Long-term trend: Bearish

USDCHF is bearish on the long-term outlook. The currency pair was increasing last week when the US Dollar gain strength. The bulls pushed the price above the $0.928 level and tested the $0.936 resistance level. The bulls lose momentum and could not break up the $0.936 resistance level. The price changed direction with the formation of strong bearish engulfing candles. The former support levels of $0.928 and $0.921 was penetrated downside targeting $0.914 level.

USDCHF Daily chart, November 30

The currency pair is trading below the two EMAs. However, the 9 periods EMA remains above the 21 periods EMA which indicate that, it may be a pullback. The Relative Strength Index period 14 is at 40 levels bending down to indicate sell signal. Further increase in the Bears’ momentum will decrease the USDCHF price which may reach the support level at $0.914, 0.909 levels and may extend to $0.92 level. In case the bulls defend the support level of $0.914, then, $0.921 and $0.9 are the resistance level to target.

 USDCHF Medium-term Trend: Ranging

USDCHF is bearish in the medium-term outlook. The currency pair could not increase further when it reached the resistance level of $0.936 due to weak bullish momentum. It finds it easy to decrease because the bears’ pressure is strong. The currency pair continue to decline and turned the former support level of $0.928 and $0.921 to resistance levels.

USDCHf 4- hour chart, November 30

The 9 period EMA is separated from the 21 periods EMA, USDCHF is trading below the two EMAs. Meanwhile, the Relative Strength Index period 14 is below 20 levels with signal line pointing downward to indicate sell signal.



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