USDCHF Analysis – The Price Is Battling to Get Rid of Its Limitation at the 1.06000 Resistance
USDCHF is battling to finally break free from the limitations imposed on it at the 1.00000 – 1.06000 supply zone. The price has risen strongly before and yet still failed in this zone. Currently, the market is taking advantage of a double-bottom bullish structure to push hard at the supply zone. Therefore, USDCHF has now crammed itself into the zone, rising past 1.00000 but still below 1.06000.
USDCHF Critical Zones
Supply Zones: 1.00000, 1.06000, 1.01300
Demand Zones: 0.95300, 0.98000, 0.98910
USDCHF buyers have been very persistent. They have demonstrated more intention and influence over the market. They haven’t been suppressed at all except at the times when they have risen to the 1.00000 supply zone. Each time, the price takes a strong hit that threatens to derail all their progress, but they always seem to recover and become even stronger.
This continues till the market forms a double-bottom bullish formation to confront the barrier zone. So far, this is working out very well. As usual, when USDCHF reached the resistance level, it was rejected strongly. Nevertheless, the price leveraged on the bullish structure continued to plummet. So USDCHF stands its ground and keeps drilling at the resistance
The 4-hour chart shows that the market has crammed itself into the supply zone that ranges from 1.00000 to 1.06000. The MA period 25 (Moving Average) remains below the daily candlesticks and also the 4-hour candlesticks, acting as support. The Stochastic Oscillator lines are fluctuating around a manageable overbought zone borderline. USDCHF is expected to keep battling against 1.06000 till it finally breaks it to reach 1.01300.
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