#USDCHF Price: Sellers Oppose Buyers at $0.969 Resistance Level (24 MAY 2022)
USDCHF Price Analysis – May 24
When Bears’ momentum increases, USDCHF price will decrease which may break down the support level at $0.961 and $0.960 levels and may extend to $0.952 level. In case the bulls oppose the bears at $0.961, price may increase to the resistance levels at $0.969, $0.978 and $0.981.
USDCHF Market
Key Levels:
Resistance levels: $0.969, $0.978, $0.981,
Support levels: $0.961, $0.960, $0.952
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. The bulls’ pressure could not push up the price above the resistance level of $1.00. An inverted pin bar formed which indicate an increase in the sellers’ momentum. Strong bearish candles were produced and the former support levels of $0.977 and $0.969 was penetrated downside. At the moment, USDCHF is testing the support level of $0.961. Further price declination envisaged.
The currency pair is trying to penetrate the support level of $0.961 downside. The 9 periods EMA and the 21 periods EMA has been crossed downside and the currency pair is trading below the two EMAs. The Relative Strength Index period 14 is at 41 levels bending down to indicate sell signal. When Bears’ momentum increases, USDCHF price will decrease which may break down the support level at $0.961 and $0.960 levels and may extend to $0.952 level. In case the bulls oppose the bears at $0.961, price may increase to the resistance levels at $0.969, $0.978 and $0.981.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The bears reacted against bulls at the resistance level of $1.00. The currency pair bounces off at the just mentioned level. The price direction changed to bearish as more bearish candles were produced. It penetrates the barrier at $0.978 and $0.969 level. Today, the bears dominate the USDCHF market and the price is exerting pressure on the support level at $0.961.
The 9 period EMA has crossed the 21 periods EMA downside, USDCHF is trading below the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 24 levels with downward direction, which connotes sell signal.
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