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USDCHF Price May Test Previous Low at $0.914 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price May Test Previous Low at $0.914 Support Level – Cryptovibes.com – Daily Cryptocurrency and FX News


USDCHF Price Analysis – October 19

An increase in the bears’ pressure may push the price to break down the support level of $0.914 which may continue to decrease towards the support level of $0.909 and $0.905. Failure to penetrate the support level of $0.914 may restore bullish trend to the market, the resistance levels at $0.919, $0.928 and $0.938 will be the target.

Key Levels:

Supply levels: $0.919, $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 bulls’ momentum failed at the resistance level of $0.92 when a big daily bearish candle formed. The bearish engulfing candle formed triggered the bearish movement towards the support level of $0.91. Today, sellers are trying to break down the $0.919 support level with an increase in momentum.

USDCHF Daily chart, October 19

The direction of the currency pair is changing as the price is penetrating the support level of $0.914. It is trading below the 9 periods EMA and 21 periods EMA as an evidence of bearish market. An increase in the bears’ pressure may push the price to break down the support level of $0.914 which may continue to decrease towards the support level of $0.909 and $0.905. Failure to penetrate the support level of $0.914 may restore bullish trend to the market, the resistance levels at $0.919, $0.928 and $0.938 will be the target.

USDCHF Medium-term Trend: Bearish

USDCHF is bearish on the medium-term outlook. The ascending channel formed by the price action on the 4-hour chart has been broke down by the bears. At the moment, sellers dominate USDCHF market. The support level of $0.91 has been penetrated downside and the price is heading towards the support level of $0.91.

USDCHF 4-hour chart, October 19

The Relative Strength Index period 14 is below 40 levels displaying sell signal as it is pointing downside. USDCHF may continue trading below the 9 periods EMA and 21 periods EMA which is an indication of bearish market.



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