USDCHF Revives Bullishness After a Slight Setback

USDCF Analysis – The Market Revives Bullishness From the 0.95303 Support Level

USDCHF revives bullishness after experiencing a slight setback. Despite the bull’s impressive upward drive, they encounter a blockage on rising to 1.00600, which is a 3-year high. Afterwards, the market began a swift descent, falling through the critical price levels. However, buyers were able to get a hold of themselves and revive bullishness from the 0.95303 support level.

USDCHF Critical Levels

Resistance Levels: 1.00600, 0.98000
Support Levels: 0.95303, 0.92190

At the beginning of this year, the price continues following a ranging pattern and undulating between key level. Despite the pull of the sellers, the bulls’ agitation can be seen in the occasional surge of the market. We observe this activity on the 28th of January and, very importantly, on the 16th of March. The surge of the 16th of March leads to a false breakout from the triangle consolidation.

Thereafter, the price pulls back to take a touch at 0.92190. From here, the market opens its stride upward. The price breaks the consolidation resistance level and rose more than 9% to reach 1.00600, which it last attained in 2019. However, the buyers become exhausted, and a slump begins immediately. It was at 0.95303 that the market revives and begins a reversal. The dots of the Parabolic SAR (Stop and Reverse)below the daily candles confirms the reversal.

Market Expectations

A full-fledged reversal is occurring in the short time frame. While the MACD (Moving Average Convergence Divergence) line is just about to cross upward on the daily chart, the indicator on the 4-hour time frame shows a complete reversal and the continuation of an uptrend. The Parabolic SAR dots are all stationed below the 4-hour candles. The market will attempt to revisit the 1.00600 resistance to break it.

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