USDCHF Analysis – Bull Thrust Upward Following Price Retest Around the 0.91400 Key Level
Bulls thrust upward following a price retest around the 0.91400 key level in the USDCHF market pair. The bulls are relatively determined to take advantage of price tendencies following an exchange of power between the bears and the bulls. The buyers will simply gather enough momentum to break through the middle level of the Bollinger band before the price continues to shoot up in the USDCHF market.
USDCHF Key Levels:
Resistance Key Levels: 0.93760, 0.91400
Support key levels: 0.90960, 0.90260
The seller’s demand was the first to fiddle with price movement downward below the 0.90260 key level. This level in this market structure is regarded as the lowest support level. The bears, however, first succeeded in assuming the price was down below this level. With strong liquidity running above the 0.91400 key level, the buyers were unfairly singled out. The bulls and the bears then played a sideways game in the market.
This implies that prices are moving considerably in a sideways direction. The bulls succeeded in reacting at the 0.93760 resistance level twice. While bears were successful in bringing price movement down twice to the 0.90960 support level, presently, price movement is on a bullish run above the 0.90260 key level. The price action broke through the 0.91400 level, and the bears also prepared for a retest back before the bull thrust upward in price tendency.
The 4-hour chart shows a major drawdown in the market, but it stabilizes through a range of price movements. After the peak at 0.91400, the price is ready to thrust upward and break through the upper band of the Bollinger indicator. The momentum indicator also proceeded to rally up as it is set above the 0.00 level after the price retested at the 0.91400 key level.
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