USDCHF Price Analysis – May 04
In case the bulls are able to break up the confluence at $0.91 level, then, 0.92 and $0.93 levels will be reached. The breakdown of the $0.90 support level may drop the price at $0.89 and $0.87 levels.
Resistance levels: $0.91, 0.92, $0.93
Support levels: $0.90, $0.89, $0.87
USDCHF Long-term Trend: Bearish
On the long-term outlook, USDCHF is bearish. There was no outstanding movement in the USDCHF daily market. The strength of both US dollar and Swiss Franc is almost equal and this lead to movement like a ranging. The currency pair is still under the control of the bears. USDCHF price decline towards the support level at $0.90. Throughout last week, it was consolidating within the resistance level at $0.91 and support level at $0.90.
Today, the bullish candle opens the market which indicate that price may increase. USDCHF pair is trying to break up the two EMAs but the bulls’ pressure is not enough. The pair is trading below the 9 periods EMA and 21 periods EMA as an indication that bears are still in control. In case the bulls are able to break up the confluence at $0.91 level, then, 0.92 and $0.93 levels will be reached. The breakdown of the $0.90 support level may drop the price at $0.89 and $0.87 levels. The Relative Strength Index period 14 is at 40 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 has not been trending as expected on the 4-hour chart. The strength of the bulls and that of the bears seems to be equal. The resistance level of $0.91 keep on holding the price. Likewise, the support level of $0.90 has not been broken by the bears. The price is currently ranging within the mentioned levels.
The pair is trading around and over the 9 periods EMA and 21 periods EMA at close contact which indicate low market volatility. The Relative Strength Index period 14 is above 50 levels with the signal lines exhibiting no specific direction.
Cryptovibes: USDCHF Price May Decline to $0.90 Price Level Before a Bullish Reversal