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USDCHF Price Formed Inverted Head and Shoulder Chart Pattern; Strong Bullish – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price Formed Inverted Head and Shoulder Chart Pattern; Strong Bullish – Cryptovibes.com – Daily Cryptocurrency and FX News


USDCHF Price Analysis – February 02

When the bulls continue to push up the price to the resistance level of $0.899, then, $0.90 and $0.92 levels may be tested. Inability to push up the price above resistance level of $0.899 may decrease it to the support level at $0.89, $0.87 and $0.85..

Key Levels:

Supply levels: $0.89, $0.90, $0.92
Demand levels: $0.89, $0.87, $0.85

USDCHF Long-term Trend: Bullish

On the long-term outlook, USDCHF has been under the control of the bulls, in the long-term outlook. The price action has formed inverted head and shoulder at the support level of $0.87 and $0.88.Tthis is a bullish reversal signal and that is what triggered the strong bullish movement on the daily chart. The price is currently heading towards the resistance level at $0.89.

USDCHF Daily chart, February 02

The price is trading above the 9 periods EMA and 21 periods EMA at far distance which indicate strong buy signal. When the bulls continue to push up the price to the resistance level of $0.899, then, $0.90 and $0.92 levels may be tested. Inability to push up the price above resistance level of $0.899 may decrease it to the support level at $0.89, $0.87 and $0.85. The fast moving dynamic support level has crossed the slow moving dynamic support level upside. Meanwhile, the relative strength index period 14 is above 60 with the signal line pointing upside to indicate buy signal.

USDCHF Medium-term Trend: Bearish

USDCHF is bullish in the 4-hour chart. After the price action formed a double bottom chart pattern the price steadily increased towards the resistance level at $0.89. The mentioned level has been holding the price until January 31, the bulls increase their momentum and the resistance level of $0.891 was penetrated. The price is heading towards the resistance level at $0.899.

USDCHF 4-hour chart, February 02

The relative strength index period 14 is bending up above 70 levels to indicate a buy signal.



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