Market Analysis – USDCHF Remains in Consolidation
USDCHF flips to the downside towards the 0.92310 significant level. The pair has recently experienced a shift to the downside, with sellers becoming attracted back to the 0.89830 price level. Buyers, on the other hand, have shown signs of weakening, resulting in a lack of significant progress. For weeks, buyers have struggled to gain real pace in the USDCHF market.
USDCHF Key Levels
Resistance Levels: 0.92310, 0.89830
Support Levels: 0.87270, 0.85450
Despite making some significant progress last week, the lack of volatility in recent times has hindered their efforts. Traders have found themselves in a consolidation phase. Currently, the price is fluctuating between the key levels of 0.89830 and the significant zone of 0.92310. It may therefore take a while for either of the traders to make a breakthrough in the market.
While buyers have shown intention in the recent week, their attempts to hit back at the 0.92310 market zone have been unsuccessful. The Money Flow Index indicates a decline in price signal for this week. It suggests that sellers are slowly aiming to push the price back down.
Market Expectation
Traders should keep an eye on the possibility of sellers diving below the 0.89830 price zone. This is because more selling pressure may persist near this key level. The stochastic oscillator is currently playing lower for USDCHF. This indicates a bearish strike for the price. This suggests that further downside movement may be expected in the near term. The USDCHF therefore presents an opening for sellers to push lower for now.
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