USDCHF Analysis – The Market Is Still Strong With a Bearish Outlook
USDCHF outlook still speaks of a bearish trend, irrespective of buyer hindrance. A strong setup has been established for a long time. This has been enough reason for the bearish downpour, as stronger trends depict a bearish flow. As of this writing, sell traders are increasing the likelihood of the price falling. This came following the short race of a strong bullish engulfing candle that stopped at the 0.93610 key zone. As a result, the most recent price forecast indicates a bearish swing poised to purge lower this year. Traders and investors should therefore continue to watch for more bearish moments.
USDCHF Key Zones
Resistance Zones: 1.01300, 0.98400
Support Zones: 0.93610, 0.90960
The USDCHF has surprisingly moved a lot in the previous year, from a bullish spike to a bearish slam. Bears slammed the door in the second quarter of 2023 as prices began to fall. The bulls reclaimed the buying moment in the market after a brief slam in September trading. However, the buyers began to fight with more vigor until they were worn out of strength. As the price traded up to the significant 1.10300 level, the bullish strength faded. Price rejection was no match for the bearish pushdown for more slams in the market at this point.
As investors sold their shares, the price fell due to the market’s high liquidity. The Bollinger Band indicator is still closing down as prices continue to plunge lower. The bears have responded lower beyond the 0.93610 key zone. The Stochastic Oscillator is ready to close down as buyers pull back on the USDCHF price. On the daily chart, the bears have already mounted their attack. The Parabolic SAR (Stop and Reversal) keeps responding to price reactions in the market as we speak.
On the 4-hour chart time frame, there is more expectation for the bearish side to go deeper. Despite the buying zeal of the buy traders, the USDCHF price still indicates a more selling outlook. Recently, buyers have begun to object. Nevertheless, there is hope for a bearish moment in the market.
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