USDCHF Price Remains Depressed Below the 0.86000 Supply Zone

USDCHF Analysis – The Bears Are Open for More Selling Forces

USDCHF price remains depressed below the 0.86000 supply zone. The currency pair has been on a steady decline since the start of July. Traders have been engaged in a tug-of-war between the 0.91100 and 0.88300 key zones. However, buyers have failed to push the price above the 0.91100 market zone. This has led to accumulation. This accumulation has allowed sellers to leverage the price accumulation and break out beyond the 0.88300 key zone.

USDCHF Key Levels

Resistance Levels: 0.96430, 0.94300
Support Levels: 0.91100, 0.88300

After the breakout, the selling pressure has only increased, and the bears have breached below the 0.86000 key zone. This has caused the USDCHF price to remain depressed below the 0.86000 supply zone. The Bollinger Bands indicator also shows a compression stage, indicating the market is highly volatile. The trend of the USDCHF currency pair appears to be bearish, and traders should keep a close eye on the 0.86000 supply zone. If the buyers fail to break above this supply zone, the market could continue to remain bearish. On the other hand, if the buyers are able to break above this supply zone, it could lead to a reversal of the trend.

The USDCHF market is currently showing signs of bearish sentiment. Especially with the daily chart indicating that the bears are ready to press harder for more selling pressure. Since a break has been seen below the 0.86000 market level, it is likely that sellers will continue to push the price lower. This can happen if they can generate enough strength from selling.

Market Expectation

On the 4-hour chart, the USDCHF price is currently consolidating. It implies that sellers could be showing more interest in a sell continuation over the coming days. Market traders should therefore watch out for any potential breakaway of the Bollinger Band Pressure. This could indicate another leg down for the USDCHF. Furthermore, the MACD (Moving Average Convergence and Divergence) is still falling behind the 0.00 level. This is another indication of selling pressure in the market. Although the market could still see some buying pressure, it is likely that any potential rallies will be short-lived.

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