USDCHF Analysis – The Market Bullishness Drives It Around Its Three-Year Market High
USDCHF bullishness has now driven it to a 3-year market high of around 1.00000. After tapering for many days in a consolidation position, the price burst out, breaking the 0.93770 significant resistance level and soaring very high. USDCHF keeps demonstrating its bullishness by defying several price levels to rise by 9%. The currency pair is now trading around a 3-year high at 1.0000.
USDCHF Significant Levels
Resistance Levels: 0.93770, 1.00000, 1.00600
Support Levels: 0.87730, 0.89300, 0.91570
USDCHF confirmed its intention to enter a ranging position at the end of the first quarter of last year. It did this by failing to violate the 0.94560 resistance level convincingly. On the 1st of April, the market slumped back downwards to the 0.89300 support level. Afterwards, the market can be seen riding up an ascending trendline despite having a consistent high limitation at 0.93770.
This market trend continues throughout 2021 and into 2022 as the price keeps storing momentum. The 0.91070 price level also plays a crucial role in preventing a drop below the ascending trendline. Throughout the time range, while the Parabolic SAR (Stop and Reverse) alternative its dots around the daily candles to show consolidation, the EFI (Elders Force Index) power line vacillates mostly in positive values to show prevailing bullishness.
The result of the movement structure and design of the market is that the price eventually demonstrates its bullishness by breaking to the upside of the market. After that, the market rises by around 9% to match its 3-year high. As a result, the Parabolic SAR has its dots firmly stacked below the 4-hour candles. At the same time, the EFI maintains a unique position with a positive value. Having just completed a recent retracement, USDCHF is expected to rise even higher.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.