USDCHF Analysis -Price Continues to Be Bearish Amidst Inflation
USDCHF feels the pressure as its free fall continues to reach an old monthly low. The currency pair is feeling the heat of the market as the free fall continues toward its old monthly low. The technical analysis has shown a clear dominance of the bearish forces in the market as the US dollar remains weak. This has been a major contributing factor in the free fall of the pair from its 0.94320 significant points. Since the beginning of April, the sellers have been driving the price even lower, breaking through numerous order levels in the process. The 0.90820 key level has been the last bastion that has managed to hold the pair’s descent, but the bearish forces have been relentless in their push lower.
USDCHF Key Levels
Resistance Levels: 1.01410, 0.98410, 0.94320
Support Levels: 0.90820, 0.93320, 0.87800
The last few days have seen the bearish sentiment continue to drive the pair lower, with more liquidity being released onto the market. The selling pressure is expected to expand even further as the traders are now anticipating a ride down to the old monthly low. This could be an even greater challenge for the bulls, who will have to work harder to keep the pair from reaching its old monthly low. Even if the bulls manage to keep the pair from falling to its old monthly low, the bearish sentiment will remain in control for a while, keeping the pair in a weakened state.
The USDCHF currency pair is a prime example of the power of the bearish forces in the forex market. As the US dollar continues to remain in a weak state, the bearish sentiment is likely to continue to dominate the pair. Traders should keep a watchful eye on the pair’s movements to ensure that they can make the most of the bearish
Market Expectations
On the 4-hour chart, the bears are still gliding lower in the market. The Parabolic SAR (Stop and Reverse) remains on the negative trend as sellers now set down towards the 0.87800 key level.
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