USDCHF Bulls Ascend During the Consolidation Stage

USDCHF Analysis: Bulls Ascend During the Consolidation Stage to the 0.92930 Significant Level

USDCHF bulls ascend during a consolidation phase to the 0.92930 price level. The buyers are stimulating energy to either breakthrough this consolidation level or give space to the bears to hold more positions. The bulls are currently gathering strength in consolidation despite the bear’s involvement in the market. As a result, we anticipate a breakout or a continuation of price accumulation.

USDCHF Significant Levels:

Resistance Levels: 0.94670, 0.92930
Support levels: 0.92920, 0.89240
The market first comprises a long chain of trends driven by the bulls and bears in the market. The buyers first slipped their way into the price order flow around early March. They speculated their way upward, breaking several heights in the market phase till USDCHF trend eventually got to a significant level. The sellers, however, fought their way through by trotting the price level downward back to the 0.899240 where the bulls first picked up price momentum.

The buyers in the market then picked up the momentum left in price action till USDCHF began to reign in consolidation. The accumulation, however, begins between the price level of 0.93930 and the 0.90920 significant level. The market has since August been in an accumulation phase as we await distribution in price levels beyond these key levels. The Stochastic Oscillator on the 1-day chart shows USDCHF movement heading into an overbought region as the bulls continue to ascend in height.

Market Expectations

The 4-hour chart time frame displays price levels as the demand for price continues to accumulate between the levels of 0.92930 and 0.90920. The Stochastic Oscillator also shows price levels in overbought regions, signaling bulls’ ends and, therefore, following suit. We, therefore, should expect bearish interference back to 0.90920 as the market continues to consolidate.

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