USDCHF Analysis – Bulls Prepare to Deploy Back Against the Selling Action
USDCHF buyers roll back against the selling action. Over the past few weeks, there has been a serious attack against selling pressure formation. The sellers haven’t had an easy time of it. At every point, there appears to be a lot of pressure on the currency pair. The bears are currently under attack, as we can see from the market. Following the solid run from the 0.925000 key zone, the sellers decided to drop lower to the 0.908200 key level. The buyers have currently stepped in, thereby holding against every sell opportunity on the daily chart.
USDCHF Key Zone
Resistance Levels: 1.014300, 0.985300
Support Levels: 0.925000, 0.908200
The currency pair had been tagged with a strong bearish hit for a while. Following the strong reign of bullish engagement, the bulls surrendered as selling strength began to grab power below the 1.014300 significant level. At this key zone, the market, therefore, changed its price structure. At this rate, the US dollar began to strengthen in relation to the currency pair. The sellers continue to pull through with a massive trend as price liquidity continues to outflow. Before the price retracement continued to fall in the below-0.953600 key zone, the sellers exhausted their long liquidity pursuit.
Below the 0.953600 significant zone, the bears have been trading roughly as buyers plan a retracement. At each stage, price activity is suppressed by buyers on the daily chart. The Chaikin Oscillator indicator is progressing back into negative territory as sellers keep tabs on the daily chart. The Moving Average indicator crossings are acting as a resistance line above the candlestick as the downtrend progresses.
The bulls are fighting back to encourage more engagement. If buyers trade close to the Moving Average crossing of days 9 and 26 on the indicator, there could be a downturn. Nevertheless, sellers are still expected to spike lower and break below the 0.908200 key zone.
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