USDCHF Is Reacting to the 0.92740 Price Level as Bears Infuse Pressure

USDCHF Analysis – The Price Is Reacting Strongly as the Market Is Under Bearish Pressure

USDCHF is reacting to the 0.92740 price level as bears gradually step in to influence the market. The price was initially bullish, breaking through 0.92740 and reaching the 0.93350 resistance level. But the market was so strongly rejected that it dipped even below 0.92740. It took the support at 0.92130 to keep the market from dropping lower. USDCHF sprang back up from the support, only to be stymied once more at 0.93350. The market is still reacting at around 0.92740.

USDCHF Crucial Levels

Resistance Levels: 0.92740, 0.93350
Support Levels: 0.92130, 0.91070
The 0.91070 support level kept the price from sliding down a descending channel. The market was able to gather momentum to rally upward on the 16th of September. The market rose past a couple of significant levels (including the 0.92740 key level) to reach 0.93350, where bulls weakened. USDCHF was immediately dismissed below 0.92740, but after 5 trading days, the price broke out again to ascend to 0.93350, resulting in another drop below 0.92740.

Despite the consecutive rejection at 0.93350, USDCHF remains generally bullish, making higher highs and lows. To stay bullish, the market will undoubtedly need to find a way to hold above the 0.92740 significant level, where price has been reacting back and forth. Another drop below 0.92740 could also see the price drop below the uptrend line, which will result in consolidation or a further market plunge.

Market Predictions

In the short term, although the market remains generally in an uptrend, the 4-hour chart shows that bears are having more impact on the market. The EFI (Elders Force Index) has slid into a negative value. This is accompanied by the Stochastic Oscillator, which has also plunged from the overbought region to the middle line. However, buyers still have a higher hold in the market as the price remains in an uptrend. Price is likely to bounce off the trendline upward. A golden cross has now been shown by the Stochastic oscillator.

USDCHF is anticipated to bounce off the trendline to reach 0.93350 again.

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