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USDCHF Sellers Regain Momentum

Johnathon Fox
07/08/2024 | UPDATED ON: 07/08/2024

USDCHF Bulls Face Resistance at Key 0.90500 Level

USDCHF market sellers have regained momentum. After a period of bullish movement, sellers have taken control, putting buyers under significant pressure. The USDCHF pair has been in a bearish trend since April, following a clear downward pattern as evidenced by the trend line on the chart. The buyers managed to retest the upper trend line, but this attempt has given sellers the edge to mobilize and regain control.


USDCHF Key Levels

Resistance Levels: 0.90500, 0.91650
Support Levels: 0.88260, 0.87370
USDCHF Sellers Regain Momentum
The critical turning point came when buyers faced a heavy block at the 0.90500 market area, a key level that has stymied bullish momentum. This resistance level has proved formidable, and buyers have struggled to maintain their upward trajectory. Currently, USDCHF is trading around the 0.89570 key area, with sellers hoping to penetrate further in the coming days.

From a technical analysis perspective, the Stochastic Oscillator positions sellers to pull the price lower. To further confirm the bearish sentiment, traders will closely monitor the Parabolic SAR (Stop and Reverse) indicator. A change in its direction could provide additional confidence to sell-side traders, empowering them to continue their downward charge.


Market Expectation

In the lower time frames, bears are still firmly in motion, with the Parabolic SAR also indicating a downward direction. A break and retest below the 0.89570 key area could put sellers back in the driver’s seat, potentially leading to further downside.
USDCHF Sellers Regain Momentum
It is likely that the price will pull back, as the Stochastic Oscillator is currently in an overbought area, suggesting a potential reversal in the near future. Traders following the best forex signals should watch these indicators closely for timely insights.

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  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.

View all posts by Johnathon Fox →
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