USDCHF Analysis – Price Resumes Uptrend and Guns for the 0.94780 Supply Line
USDCHF resumes its uptrend movement and is now striving to reach its last year’s high at the 0.94780 supply line. Last year, the market exhibited a consistent upward trend. But an inability of the market’s high to surpass the 0.93770 supply level kept putting pressure on the market. The outcome is that USDCHF slipped below its trendline. After a bit of struggle, the price resumes its uptrend.
USDCHF Major Zones
Supply Levels: 0.94780, 0.93770
Demand Levels: 0.87730, 0.91570
Coming in from last year, USDCHF started its uptrend movement by hitting a high of 0.94780 on the 1st of April 2021. Subsequently, as the market kept moving upward on its trendline, the price was making clear higher lows. However, the same cannot be said for the random highs. This was due to the downward market pressure at the 0.93770 supply level.
This led to a slide below its trendline and the MA period 200 (Moving Average). The market endured a period of struggle, but the MA 200 was on hand to aid the market. Though the price has yet to stabilize on the trendline, the USDCHF resumes its uptrend above the MA 200. The MACD (Moving Average Convergence Divergence) shows that this is true with lines that rise above zero and bars that are bullish.
Market Expectations
The market missed last year’s high at 0.94780 by a whisker at the first trial. The price is now wobbling downwards. The MACD lines have plunged below zero to this effect. The price is expected to make a higher low to its previous low at 0.91570. The MA period 200 is on hand as support to ensure this. There’s a good chance that USDCHF will make a new push for the 0.94780 supply level again from here.
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