USDCHF Analysis – Buyers Maintain the Upper Hand
USDCHF continues to trade higher above the 0.88330 market strength. The market continues to show strength as buyers maintain the upper hand. This week, the bulls have been deliberate in their expansion, benefiting from strong buying liquidity. Following a successful breakout at the 0.88330 level, the bulls are in control and driving the market higher.
USDCHF Key Levels
Resistance Levels: 2069.480, 2004.400
Support Levels: 1950.400, 1802.510
In July, the buyers had a strong influence, leading to the current bullish sentiment. After a drop to the significant level of 0.85610, the bulls gained strength and started to make their presence felt.
However, in August, they faced difficulties in penetrating the key zone of 0.88330, resulting in price accumulation below this level. Eventually, the buyers managed to break through the 0.88330 key level, displaying a serious approach.
The momentum indicator confirms the bullish nature of the market as the bulls continue to push for further gains. Furthermore, the Parabolic SAR indicator is currently indicating a bullish trend, providing additional support for the buyers.
Analyzing the 4-hour chart, the MACD indicator shows a buy signature, reflecting the current state of the USDCHF price. This suggests that the buyers need to maintain enough momentum to sustain their upward movement.
Overall, the USDCHF market is being driven by buyers who are maintaining the upper hand. The breakout at the 0.88330 level and the strong buy liquidity have contributed to the bullish sentiment. Traders should anticipate more bullish purges in the coming days.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.