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USDCHF Price Penetrates $0.89 Level, Heading Towards Support level at $0.87 – Cryptovibes.com – Daily Cryptocurrency and FX News

USDCHF Price Penetrates $0.89 Level, Heading Towards Support level at $0.87 – Cryptovibes.com – Daily Cryptocurrency and FX News


 USDCHF Price Analysis – February 16

The currency pair is targeting the previous low of $0.87, in case the bears can push the price below the $0.87 price, $0.86 and $0.85 may be the next target level. Inability to push the price below the $0.87 level may bounce the price upside towards the resistance levels at $0.89, $0.90 and $0.92.

Key Levels:

Supply levels: $0.89, $0.90, $0.92

Demand levels: $0.87, $0.86, $0.85

USDCHF Long-term Trend: Bearish

On the long-term outlook, the bears maintain their position. In other words the currency pair is bearish. The “Maroubozu” candle pattern formed on the daily chart on February 05 is the factor that triggers the bearish momentum. The price descends and break down the former support level of $0.89 and it is targeting the support level of $0.87 at the moment.

USDCHF daily chart, February 16

The 9 periods EMA is trying to cross the 21 periods EMA downside to indicate sell signal. The price is trading below the 9 periods EMA and 21 periods EMA which indicate a strong sell signal. The currency pair is targeting the previous low of $0.87, in case the bears can push the price below the $0.87 price, $0.86 and $0.85 may be the next target level. Inability to push the price below the $0.87 level may bounce the price upside towards the resistance levels at $0.89, $0.90 and $0.92. The relative strength index period 14 is bending down at 40 levels which indicates a strong selling signal.

 

USDCHF Medium-term Trend: Bearish

USDCHF is bearish in the 4-hour chart. The price closed above the resistance level of $0.89 last week with the aim of continue a bullish trend but the bears would not allow the bulls to prevail. The bears exerted more pressure and the price is declining towards the $0.87 price level.

USDCHF 4 hour chart, February 16

The relative strength index period 14 is bending down at 25 levels to indicate a sell signal. Meanwhile, the price is trading below the 9 periods EMA and 21 periods EMA which indicate a sell signal.



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