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USDCHF Hints of Oversold Market

Johnathon Fox
11/24/2023 | UPDATED ON: 11/24/2023

USDCHF Analysis: Sellers Have Lost Momentum

USDCHF hints at the oversold market as the close of this week approaches. The pair is exhibiting signs of an oversold market, indicating a potential shift in dynamics. Sellers are stepping back this week, creating a shift in market sentiment. Despite November not reaching its conclusion, buyers are reemerging in the USDCHF market. They are countering the bearish trend that prevailed as more participants entered.

USDCHF Key Levels

Resistance Levels: 0.92480, 0.91100 
Support Levels: 0.88950, 0.88180

USDCHF Hints of Oversold Market

The bullish momentum originated in mid-July around the 0.85520 significant level, but the bulls faced resistance at the 0.92480 zone. October marked the onset of a bearish trend, triggered by buy repulsion. Sellers initiated a descent to the 0.88950 significant level. While initially struggling to break through, a subsequent price retracement led to a dive.
 
Currently, on the daily chart, there are indications of buyers regaining momentum. They aim to close the sell gaps created and re-establish control by breaking back inside the 0.88950 significant level. The Stochastic Oscillator supports this shift, signaling a temporary exit of sellers. Sell momentum has weakened, with a notable slowdown in bearish momentum building over the past few days. 

USDCHF Hints of Oversold Market

Market Expectation

The market suggests that the USDCHF market is undergoing a transitional phase, with buyers gradually gaining strength and countering the influence of sellers. Traders may observe the potential for a reversal or consolidation in the near term. This will, however, be based on how effectively buyers respond to the current change.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

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