PRESS RELEASE: USDCHF Breakout Is Imminent

PRESS RELEASE: USDCHF Breakout Is Imminent
April 3, 2019
Crypto Daily Roundup – Apr 3, 2019
April 3, 2019

USDCHF Price Analysis – April 2

In case the bullish momentum breaks up the ascending wedge the currency pair will find its high at $1.01 price level. The bearish break out at the lower trend line of the ascending wedge will make the currency pair to find its support at the previous low level of $0.97.

USDCHF Market

Key Levels:

Supply levels: $1.01, $1.03, $1.05

Demand levels: $0.99, $0.97, $0.95

USDCHF Long-term trend: Bearish

USDCHF remains bearish on the long-term outlook. The currency pair remains bearish as long as the 21 periods EMA and 50 periods EMA is still above the USDCHF price. The demand level of $0.99 holds and the bears could not break down the level. Then, the Bulls were slowly pushing up the USDCHF price towards the two dynamic resistance levels. The Bulls are yet to break it up. Meanwhile, the bullish movement on the daily chart has formed ascending wedge.

USDCHF Daily chart, April 2

The 21 periods EMA and the 50 periods EMA are closed together, horizontally placed and flat on the chart showing no direction with the currency pair trading on the two EMAs; this implies that consolidation is ongoing in USDCHF market. The stochastic Oscillator period 14 is at 40 levels with the signal lines pointing up which connotes buy signal. In case the bullish momentum breaks up the ascending wedge the currency pair will find its high at $1.01 price level. The bearish break out at the lower trend line of the ascending wedge will make the currency pair to find its support at the previous low level of $0.97.

USDCHF Short-term Trend: Bullish

USDCHF is bullish on the short-term outlook. The bearish trend was terminated by the Bulls at the demand level of $0.99 and the bulls pushed the currency pair up forming an ascending wedge pattern. The price has crossed over the EMAs upward and the 21 periods EMA has crossed the 50 period EMA upward as a confirmation of bullish trend on the 4-hour chart.

USDCHF 4-hour chart,April 2

The Stochastic Oscillator period 14 is at 80 levels with its signal lines bending down which indicate sell signal.

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