USDCHF Bearish Slump May Persist if Buyers Fail to Make a Comeback

USDCHF Traders are Currently Navigating the 0.85130 Market Area

The USDCHF bearish slump may persist if buyers fail to stage a comeback. The pair has been under pressure, with sellers currently targeting the 0.85130 market area, hoping to break through this critical level. However, this zone has recently proven resilient against selling pressure.

USDCHF Price Levels

Resistance Levels: 0.89320, 0.87500
Support Levels: 0.85130, 0.83230

Reflecting on the initial bearish move earlier this month, the bears fell from the 0.87500 key level but struggled to breach the 0.85130 market level. The bulls then managed to push the price closer to the 0.87500 significant level.

This week, however, sellers have regained strength and are now trading around the 0.85130 market level. At this juncture, buyers might hope for a rebound. If they can muster enough strength above this key level, it could signal the beginning of a reversal.

The MACD (Moving Average Convergence and Divergence) indicator shows that sellers still hold control, while the Price Oscillator indicator continues to reflect a negative market outlook.

Market Expectation

On the 4-hour chart, the market is in an accumulation phase, indicating that a decisive move is yet to occur. If buyers manage to break through the 0.85130 level, the chances of a bullish reversal are high. However, the MACD and Price Oscillator indicators still suggest that sellers are gaining strength, a crucial point for those following forex signals.

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