in

USDCHF Price May Continue a Bearish Movement After Price Retracement – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price May Continue a Bearish Movement After Price Retracement – Cryptovibes.com – Daily Cryptocurrency and FX News


USDCHF Price Analysis – October 26

In case the daily candle break up $0.921 level and close above it, the price may increase to previous high at $0.928 and $0.938 levels. Should the resistance level of $0.921 holds, the price will continue its bearish movement towards $0.914 and may extend to $0.909 and $0.905.

Key Levels:

Supply levels: $0.921, $0.928, $0.938

Demand levels: $0.914, $0.909, $0.905

 

USDCHF Long-term Trend: Bearish

USDCHF is on the bearish movement on the daily chart. The currency pair surrendered to the bears at the resistance level of $0.928 on October 13. A bearish engulfing candle formed at the just mentioned level and this triggered a downward movement towards the support level of $0.914 after breaking down the $0.921 level. The price is currently pulling back retesting $0.921 level.

USDCHF Daily chart, October 26

The direction of the currency pair has changed bearish as the price penetrated the support level of $0.928. It is trading below the 9 periods EMA and 21 periods EMA as an evidence of bearish market. In case the daily candle break up $0.921 level and close above it, the price may increase to previous high at $0.928 and $0.938 levels. Should the resistance level of $0.921 holds, the price will continue its bearish movement towards $0.914 and may extend to $0.909 and $0.905.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish on the medium-term outlook. The bears are dominating USDCHF market. The price action has formed a descending channel in the 4-hour chart. The price is dangling within the descending channel formed. Bearish trend may continue as long as price remain within the channel. If it is broken up bearish movement nullified.

USDCHF 4-hour chart, October 26

However, the Relative Strength Index period 14 is above 50 levels displaying buy signal as it is pointing upside. USDCHF is trading above the 9 periods EMA and 21 periods EMA which is an indication of bullish signal.



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Your email address will not be published.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?

MATIC, ALGO, EGLD & XMR Primed For a Break Out!

XRP Price Hovers Around $1! Here’s When XRP Might break The $1.5 Level ? – Coinpedia – Fintech & Cryptocurreny News Media

New Evidence Futures Markets Are Built for Manipulation