PRESS RELEASE: USDCHF Price Is Pulling Back at $0.89 Resistance Level

PRESS RELEASE: Trump Pardons Ripple Board Member Ken Kurson; Ulbricht, Snowden Not on List
January 20, 2021
PRESS RELEASE: USDCHF Price Is Pulling Back at $0.89 Resistance Level
January 20, 2021

USDCHF Price Analysis – January 20

After the pullback, the bulls can push the price up to break the resistance level of $0.89, which may extend to $0.90 and $0.95 level. In case the bears defend the $0.89 level; the price may reverse and be confronted with the support level at $0.87, $0.86, and $0.85.

Key Levels:

Supply levels: $0.89, $0.90, $0.95

Demand levels: $0.87, $0.86, $0.85

USDCHF Long-term Trend: Bullish

USDCHF is bullish on the daily chart. The currency pair found support at $0.87 on January 05. A bullish chart pattern formed called morning star; this triggered the bullish momentum and the price increases to test the resistance level of $0.89. The price is currently pulling back touching the dynamic support level.

USDCHF daily chart, January 20

After the pullback, the bulls can push the price up to break the resistance level of $0.89, which may extend to $0.90 and $0.95 level. In case the bears defend the $0.89 level; the price may reverse and be confronted with the support level at $0.87, $0.86, and $0.85.The two dynamic levels are close to each other and the 9-periods EMA is trying to cross the 21 periods EMA downside to establish a bearish momentum.

USDCHF Medium-term Trend: Bearish

USDCHF is bullish on the daily chart. The bears push down the pair to support level of $0.87. The bulls opposed the price declination and it increases towards the resistance level of $0.89 and tested the level on January 11. The resistance level of $0.89 holds and the price pulled back. The bulls push up the price to retest the resistance level of $0.89 second time, that looks like double top chart pattern.

USDCHF 4 hour chart, january 20

USDCHF is trading below the two EMAs which indicating gradual reduction in the bulls’ momentum and the 9 periods EMA is trying to cross the 21 EMAs downside to establish a bearish momentum. The relative strength index period 14 is bending down at 40 levels to indicate a sell signal.

This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/20/usdchf-price-is-pulling-back-at-0-89-resistance-level/

Comments are closed.