USDCHF Analysis – Buyers Are Causing a Price Pullback
USDCHF buyers are holding back against selling pressure. The buyers are currently buying up forces against the sellers’ influence in the market. Selling actions have been quite dominant as of late. However, buyers are still able to withstand price pressure. With several indications showing sellers are still in charge of the price distribution, traders should still be aware of sellers’ presence in the market. The parabolic SAR (stop and reverse indicator) shows the price trend along the negative gradient on the price chart. This implies that, amidst the pullback, sellers will eventually roll out prices to trade lower in the coming days.
USDCHF Key Levels
Resistance Levels: 1.01370, 1.00410
Support Levels: 0.95520, 0.93580
The sellers set up a bearish order flow following the September 2022 buying swing. The bears reversed price pressure from the 1.01370 key zone. At this pivot level, the sellers were able to drive the USDCHF price with strong liquidity flow. As selling pressure persisted, the sellers were able to penetrate several key levels of the market. A massive drop was seen close to the 0.93580 key zone. At this stage, the selling force has declined as buyers have begun to build force against the selling pressure.
The buying force pushed harder as a pullback was seen beyond the 0.95520 key zone. Currently, the sellers haven’t set out to go lower due to less selling pressure. The buyers are still trading against the market’s selling pressure. The MACD (moving average convergence and divergence) indicator is still in a bearish stance. The stochastic is still outsold as buyers are still lurking strongly around the market.
The sellers are still expected to drive prices lower. However, as a result of their stance, buyers are pulling the price trend back, thereby maintaining selling pressure. In the coming days, the price will eventually break the 0.93580 key zone as the struggle continues.
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