USDCHF Is Still Open for More Bearish Streams

USDCHF Analysis – Sellers Could Purge Lower Following a Price Pullback

USDCHF is still open for more bearish streams in the market. There is likely a greater need for the bearish section to begin on the daily time frame. This is thus because of buyers’ recent exhaustion at the 0.923000 key zone. The current price structure indicates that sellers’ chances to exert more influence are still open despite the recent retracement. The sellers have long been engaged, as selling attributes have been consistently seen for a long time. Therefore, a decline toward the 0.90710 key zone is still ready to be displayed in the coming days on the daily time frame.

USDCHF Key Zones

Resistance Zones: 1.01000, 0.95390
Support Zones: 0.92300, 0.90710

The bearish response on the USDCHF has been quite rough these days. This is in contrast to the market’s previous unhindered liquidity pool. The bears had a strong price trend from the 1.01000 market level at the time. However, after a sudden break lower beyond the 0.95390 market zone in November 2022, there have been more buying interruptions lately. As the price continued to fall, buyers challenged the bearish stance on the daily time frame.

This, therefore, implies that with every action of a bearish claim, buyers remained to cause a lot of price retracement. The currency pair just shows a recent retracement back to the 0.92300 key zone. At every interval, the bears’ fates remain in question. Nevertheless, there is still a strong tendency for a bearish walk down to the 0.99710 key zone. The MACD (Moving Average Convergence and Divergence) indicator remains negative as selling action still overwhelms the currency pair. The bears are therefore still left with a bearish charge in the market. The RSI (Relative Strength Index) also remains below the 50 levels.

Market Expectation

The bears still plan a walk down as selling momentum continues to heighten in the market. On the 4-hour chart, there is thus enough evidence to suggest selling opportunities. Selling pressure is expected to drop to the 0.90710 key zone.

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