USDCHF Analysis – The market’s Bullish round comes to an end
The bullish round on the USDCHF market might have reached its climax after the price slumps again at the 1.00600 significant resistance level. The bulls are finally able to take charge of the market at the 0.95950 support level at the beginning of June. Immediately, the market engineers a reversal for the market to regain the lost price level. USDCHF indeed regains the lost levels till it reaches 1.00600 where it suffered acute rejection.
USDCHF Important Levels
Resistance Levels: 1.06000, 1.000000,
Support Levels: 0.95940, 0.92190
USDCHF stores much momentum in consolidation, which it unleashes on the market. The price breaks through the consolidation resistance level at 0.93770 on the 14th of April and begins a bullish round, driving the market upward. With this, USDCHF was able to violate several key levels to reach for the 1.00600. However, surprisingly the market was rejected, which led to a downward surge.
The buyers could not lay hold on the market until it reached the 0.95950 price level. Immediately the buyers ensure that they forge the market upwards. Once more, USDCHF did remarkably well to surge upward and broke every barrier. This happens until it reaches the 1.00600 key level. At this level, price drops back precipitously towards 0.95950. Stochastic lines have plunged from the overbought level.
The 4-hour chart shows the bears are still having a strong hold on the market. At this point, the price has bypassed the MA (Moving Average) period 50, therefore, the USDCHF market is set to drop lower to 0.95950. The Stochastic, like on the daily time frame, has fallen into the oversold zone for confirmation. The 0.95950 is expected to be a safe landing for the price by which the market will begin a new round of consolidation.
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