USDCHF Market Still Lingers in the Consolidation Phase

Price Analysis: USDCHF Market Still Lingers at Consolidation Levels of 0.93560 and 0.90840

USDCHF market is still lingering at consolidation levels of 0.93560 and 0.90840. The price tendency in the market is said to have been rolling in a sideways phase. The bulls failed to go long while the bears were not ready to go deep. Both prospects are unwilling to push price action out of the consolidation zone. If the price flow includes more orders in the market, there will be a break-even from the consolidation phase.

USDCHF Significant Levels:

Resistance Levels: 0.94700, 0.93560
Support Levels: 0.90840, 0.89290
The market’s first phase began with bulls pushing the price level to go long till the price eventually arrived at the 0.94700 price level. The sellers held their stance at this level, thereby causing a change in the price trend. The market, however, began to ride downward as various price zones were passed through, till the market finally journeyed to its current low of 0.89290 price zone. The bear charged down with a solid influence to this level with strong momentum in price influence.

Furthermore, the bulls’ stance was on display but could not rally price movement back to the 0.94700 level of influence. Instead, they pushed the price level above the 0.9084 significant level of influence. When prices get to this stage, the price tendency from here begins to consolidate. The bulls and the bears are seen ranging in price tendency in the market between 0.93560 and 0.90840.

Market Prospect

On the 4-hour chart, the price is seen to be rising after taking over from the bears’ influence. The MACD (Moving Average Indicator) is seen to rise above the 0.00 level to remain in the bull market. The relative strength index indicator is also about to cross the middle level as the buyers are ready to move the price in the consolidation phase.

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