USDCHF Analysis – Buyers Power Their Way Back Above the 0.95300 Significant Level
USDCHF buyers have powered the market back above the 0.95300 significant level. The market had previously been unable to resist the strain placed on it by downward forces. Despite the strength of the support given by the 0.95300 significant level, it was eventually punctured and led to a plunge in the market. USDCHF buyers have however, taken the bull by the horns and have restored the price above 0.95300.
USDCHF Significant Levels
Resistance Levels: 1.00000, 097100
Supply Levels: 0.95300, 0.93370
The beginning of the weakness in the bullish territory was its inability to make an impact when it got to the significant level of 1.00000 price checkpoint. The price was Instantly rejected, but they made efforts to pass through the checkpoint again and again and it all proved aborted. Gradually, USDCHF buyers lost steam, allowing the sellers to take over the market. This led to a drop below the 0.95300 level after repeated crashes.
USDCHF buyers reacted immediately to the drop below the significant support at the 0.95300 significant level. From the new support at the 0.93370 level, the market has sprung back upward and instantly defied the 0.95300 price level to rise above it. The odds are now in the bulls’ favour, the Parabolic SAR (Stop and Reverse) has switched its dots below the daily candles.
The MACD (Moving Average Convergence Divergence) on the daily chart has produced bullish histogram bars as its line crosses upward. This is in accordance with the indicator on the 4-hrs chart whose line has already crossed the zero level. USDCHF buyers can be backed to push the price to the significant level of the 1.00000 resistance with aim of breaking break it.
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