USDCHF Price Is Still Ready to Expel Price Lower

USDCHF Analysis – Bearish Structure Still Holds Ground on the Market

USDCHF price is still ready to expel price lower on the daily chart time frame. Despite being stymied by buy traders, the bearish moment has been on the move. Ever since the bear market made a successful descent below the 0.93610 key level, selling strength has been greatly hindered. The sellers played out their game with ease as a consequence of the bearish flow from the 1.01300 significant level. The bearish supply at this stage appears to be without hindrance, as several order levels were reacted to. However, with the bulls acting out against the selling flow, the market continues to swing lower despite pullbacks. Despite the pullback, sellers can still expect price erosion.

USDCHF Key Zones

Resistance Zones: 1.01300, 0.95340
Support Zones: 0.93610, 0.90970

From a technical point of view, the sellers have been able to pull through the market for quite some time. Before the major breakdown in the USDCHF, the market swung lower above the May 2022 trend line. However, a price structure shift occurred, with buyers now beginning to create higher highs and lower lows in September 2022. Till the bulls get exhausted at their all-time high of the year, the buying stance will continue to pull through. The end of the bullish phase then gave rise to the bearish order flow we have now seen for the past few months.

The sellers are expected to make a massive move lower on the USDCHF market in the coming days. The buyers have recently purchased all their selling power close to the trend line. This shows that prices are set to decline in the coming days. The Parabolic SAR (Stop and Reversal) indicator is highlighting bearish action as we speak. As a result, sellers are preparing to temporarily lower the price.

Market Expectation

The 4-hour chart still lets us see buyers opening up for a buying tendency close to the trend line. Nonetheless, the bearish trend could reverse anytime soon. The RSI (Relative Strength Index) trading signal may soon cross just for a selling position. Sellers are more likely to push the price down to the 0.90970 key zone with these.

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