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USDCHF Price May Break Down $0.90 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price May Break Down $0.90 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News


USDCHF Price Analysis – August 24

When the bears’ pressure push the price down to break $0.90 price level, then, $0.89 and $0.88 support level may be the next target.  Should the bulls defend the support level of $0.90, the price may reverse and the resistance levels at $0.91, $0.92, and $0.93 may be the target.

Key Levels:

Supply levels: $0.91, $0.92, $0.93

Demand levels: $0.90, $0.89, $0.88

 

USDCHF Long-term Trend: Ranging

USDCHF is on the bearish trend. The currency pair has been demonstrating a range-bound movement within the resistance level of $0.91 and support level of $0.90. The pair was under bulls’ control last two weeks. The strength of US dollar fails when it reaches the resistance level of $0.91. A strong bearish daily candle emerged which engulfs previous bullish candles. The price reverses and decreases toward the support level of $0.90. The bears’ momentum is weak and could not break down the support level of $0.90 level.

USDCHF daily chart, August 24

The ranging movement may continue until there is a breakout at $0.91 resistance level or at $0.90 support level. However, the Relative Strength Indicator period 14 is pointing down at 50 levels which indicate sell signal. When the bears’ pressure push the price down to break $0.90 price level, then, $0.89 and $0.88 support level may be the next target.  Should the bulls defend the support level of $0.90, the price may reverse and the resistance levels at $0.91, $0.92, and $0.93 may be the target.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish on the medium-term. The bears’ pressure is increasing in the USDCHF market as it is clearly seen in the USDCHF market on the 4-hour chart. The market opens with bearish candle on 4-hour chart today and the price is heading towards $0.90 support level.

USDCHF 4-hour chart, August 24

The Relative Strength Index period 14 is at 40 levels bending down displaying a sell signal. USDCHF has crossed the two EMAs downside to continue trading below the 9 periods EMA and 21 periods EMA at a distance which is an indication of sell signal.



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