USDCHF Bulls Maintain an Upward Ascendency

USDCHF Analysis – Bulls Maintain an Upward Ascendency Along Its Trendline

USDCHF bulls maintain an upward ascendency as the price keeps up with its trendline. This means that the market keeps making consistent higher lows. The highs come at random, but the market has now broken an important key level at 0.93770. The level acted like a lid on the price to prevent it from reaching higher heights.

USDCHF Important Zones

Resistance Zones: 0.94560, 0.93770
Support Zones: 0.93350, 0.87730
The market’s uptrend began at 0.87730 in January 2021, and since then, the price has been bouncing up the trend line. However, the bulls could not get the best of the 0.93770 resistance level up until March this year. The price has finally breached the level, but rejection at 0.94560 plummets the market back below the level.

USDCHF has now assumed the form of an ascending triangle. And the bulls are ready to violate the 0.93770 supply level again to surge further upwards. The daily candles have bounced off the middle line of the Bollinger Band in anticipation of breaking the supply level. This is possible as the Elders Force Index, at a positive value, shows bulls are currently stronger.

Market Expectations

On the 4-hour chart, the candlesticks have strong support from the middle line of the Bollinger Band in addition to the 0.93350 significant level. The EFI power line has also maintained a hold above the zero line in this short time frame. The bulls, therefore, fancy their chance to push upward to break through 0.93770 to reach beyond 0.94560.

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