USDCHF Analysis – Buyers Maintain the Upward Market Trend
USDCHF buyers maintain the upward market trend. Following the market’s impressive breach of the six-month range, the order flow turned bullish. The range of six months started on September 30, 2021. The market has been rising since the breakout was achieved. The higher time frames support the general bullish trend following the rebound from the support at 0.9470, which matched the monthly bullish order block.
Market Significant Zones
Demand Zones: 0.9470, 0.9470
Supply Zones: 0.9970, 1.0060
The market began to move along a new trendline across its lows on January 13, 2022. The price was propelled out of the consolidation phase using the trendline. Buyers of USDCHF were unable to move the price over 0.9370 until the second quarter of 2022. Prices responded to the trendline in a way that increased purchasing pressure just enough to break the price level of 0.9370. More USDCHF buyers entered the market as a result of the profitable breakout, and prices aggressively rose.
The swing impulse at 0.91947 and 1.00643 defined the market’s current trading range. The USDCHF buyers were able to locate re-entries at the trendline on August 11th, 2022, and September 13th, 2022, with the discount zone below the 50% Fibonacci retracement level. The market has been rising ever since the successful upside market structure move in August 2022. At this time, it appears that the price is trying to clear off the buy-side liquidity over the double top that was formed on June 15, 2022.
The market appears to be dominated on the four-hour chart by USDCHF buyers. Prices could increase over the 0.9970 and 1.0060 resistance levels if the market’s environment remains unchanged.
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