Market Analysis – USDCHF Sellers Doggedly Defend the 0.9110 Resistance Level
Ever since the bullish shift in market structure, USDCHF has easily broken through resistance regions until now. The price has experienced difficulty ascending beyond 0.9110. The stiff contention of the price has led to the formation of a ranging market.
USDCHF Major Zones
Demand Zones: 0.9000, 0.8750, 0.8560
Supply Zones: 0.9110, 0.9520, 0.9400
USDCHF market is currently offering the buy-side delivery of the market. The bullish trendline has aided in discerning the extent of pullbacks and reversals alongside the bullish market structure.
Since the arrival at the supply zone of 0.9110, the market has fluncated around the same point leading to the formation of a range. This reveals the difficulty experienced by the buyers to enforce a breakout. For about a month now, USDCHF Bears have remained Unyielding to give up 0.9110 Supply Zone.
Market Expectation
The market remains bullish as the demand level of 0.9000 is still valid. The range appears to be a reaccumulation to regain bullish momentum for an ascent. The breach of the resistance level remains the major focus of Bulls at this period.
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