in

Bulls’ Momentum Is Becoming Weak at Potential Bearish Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News

Bulls’ Momentum Is Becoming Weak at Potential Bearish Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News


USDCHF Price Analysis – July 06

In case the bulls increase their momentum, price may be pushed to the $0.93 resistance level, in which it may increase to $0.94 levels. Should the bears break down the support level at $0.91 level, the support level of $0.90 and $0.89 may be tested.

Key Levels:

Resistance levels: $0.92, $0.93, $0.94

Support levels: $0.91, $0.90, $0.89

 

USDCHF Long-term Trend: Ranging

USDCHF is on the ranging movement on the long-term outlook.  There was no significant movement in the USDCHF market last week. The bulls’ momentum seems to be equal to the bears’ momentum. The bulls were struggling to break up the resistance level of $0.92 last week. There was a partial breakout on June 19 but the bulls could not sustain the momentum. At the moment, the price is consolidating at the resistance level of $0.92. The bulls are trying to break up the mentioned level.

USDCHF daily chart, July 06

USDCHF is trading above the 9 periods EMA and 21 periods EMA which indicate that bulls are in control of the USDCHF market. In case the bulls increase their momentum, price may be pushed to the $0.93 resistance level, in which it may increase to $0.94 levels. Should the bears break down the support level at $0.91 level, the support level of $0.90 and $0.89 may be tested.  The Relative Strength Index period 14 is above 60 levels with the signal line pointing upside indicating a buy signal.

USDCHF Medium-term Trend: Ranging

USDCHF is ranging on the medium-term outlook.  USDCHF market started ranging movement after it penetrates   the resistance level of $0.92 last week. Today, the bulls and the bears are warring against each other, this is what make consolidation to continue. The price may increase to $0.93 price level provided the bulls increase their pressure.

USDCHF 4 hour chart, July 06

The pair is hovering over the 9 periods EMA and 21 periods EMA which indicate that consolidation is in progress. The Relative Strength Index period 14 is at 60 levels with the signal lines exhibiting bearish direction which may be a pullback.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Crypto Asset That Surged 47,387,400% This Year May Become Surprise Player in Ethereum Ecosystem, According to Coin Bureau

Crypto Asset That Surged 47,387,400% This Year May Become Surprise Player in Ethereum Ecosystem, According to Coin Bureau

Intensifying SEC vs Ripple case, What to expect from XRP!

Intensifying SEC vs Ripple case, What to expect from XRP!