USDCHF Analysis – Buyers Are Trading Against the Selling Moment
USDCHF buyers are still delaying selling influence despite a rush of momentum. The price is still viewed with a strong bearish influence. Nevertheless, the buyers are ready to go to any length to pull the price back. The USDCHF made a successful breakthrough beyond the 0.93600 key zone. However, as bearish momentum continues to increase, buyers are currently alert to a possible price retracement back to the 0.93600 key zone. After price buying strength reached the 0.93600 key zone, we anticipate selling pressure to expand later before the year runs out.
USDCHF Significant Levels
Resistance Levels: 1.01440, 1.00020, 0.97500
Support Levels: 0.95350, 0.93600, 0.90960
The year 2022 has been set up in favor of both sell and buy traders. Buyer activity began to play a role at the beginning of the year, around April and May 2022. The bullish ride was maintained up to parity before the bearish bears took over. However, close to the parity level, sellers took hold of market momentum. The bears pushed the price down to 0.93600 in the critical zone. Not long, the buy traders took the USDCHF price as buying strength increased progressively.
This, however, led to a bullish breakout above the parity level as the price rallied up to the 1.01440 key zone. Selling action reversed its course as the price began to roll downward with a strong bearish flow. The selling strength has broken through the 0.93600 key zone. However, buyers are holding back as sellers still plan to push prices lower in the market. The parabolic SAR (stop and reverse) indicator shows a bearish setup still heavy on the USDCHF price.
The 4-hour chart shows buying traders building up strength in the market. Despite the sellers’ influence, the bulls are putting pressure on the sell traders. As a result, buyers are expected to retest the 0.93600 key zone before further gushing on the USDCHF price. Sell traders should look out for a selling opportunity close to the 0.90960 key zone.
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