USDCHF Continues Its Bullish Resurgence

USDCHF Analysis – September 8

USDCHF continues an impressive bullish resurgence after what seemed like the bears were taking over the market dominance. The sellers had continually ground down the price such that it was recording successive lower highs and lower lows. Afterwards, the market slips off the strong anchor level of 0.95300. It seemed like the end of price action above that level, but the buyers reacted impressively to cause a resurgence back above the level.

USDCHF Key Levels

Resistance Levels: 0.98910, 1.00000
Support Levels: 0.93770, 0.95300

USDCHF Long-Term Trend: Bullish

Since USDCHF first climbed above the 0.95300 key level, there have been alternating swings of market influence. The power seems to switch at the major resistance and support levels. The 1.00000 is the point where bullish strength is transitioned to the bears and the 0.95300 remains a springboard for the buyers. Sellers then applied more force to push the price below the 0.95300 price level, but the market is now recovering nicely.

The resurgence begins at the 0.93770 key level and climbs back above the 0.95300 significant support level. The resurgence continues till the market rises to its present level at 0.97100. Bullish fervor remains high, with the lines of the Stochastic Oscillator having risen into the overbought region, ready for a pullback that will propel the price even higher.

USDCHF Short Term Trend: Bullish

The 4-hour chart vividly shows the path that the price takes as it bounces off the 0.93770 key level and continues to rise till it gets above 0.97100. In doing so, the MA period has slid below the price levels to act as support going upward. The Stochastic Oscillator lines dropped back into the oversold region and are set for another rise to the overbought region. USDCHF will fancy bypassing 0.98910 till it gets to 1.00000.

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