USDCHF Analysis – Buyers Struggle to Regain Dominance
USDCHF Sellers Maintain Control. The USDCHF market has seen a lack of dominance from buyers in recent weeks and months. The price of USDCHF has been weakening as sellers continue to push the market lower. Despite approaching the significant zone of 0.85480, the buyers have been unable to close the gap and regain control.
The bears have been in control since October, gaining momentum after the buyers faced resistance at the 0.92000 price level. Since then, the bears have been exerting downward pressure on the USDCHF price. This led to depreciation and confirmation of a bearish trend.
USDCHF Key Levels
Resistance Levels: 0.90680, 0.88800
Support Levels: 0.92480, 0.94480
Currently, the bulls have struggled to find a strong foothold and make a significant comeback. Meanwhile, the sellers are approaching the significant zone of 0.85480. With the end of last month approaching, the USDCHF market looks poised for further downward movement if the buyers continue to show weakness.
However, there is also potential for a recovery as the price approaches this key level. The 0.85480 significant level has not been breached in a while. This indicates the possibility of a potential reversal and an early bullish run in 2024.
The MACD (Moving Average Convergence and Divergence) still reflects bearish sentiment. It confirms the ongoing price trend. The crossing of the moving averages has yet to indicate any signs of reversal. However, buyers can come into the market when sellers show signs of weakness.
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