USDCHF Price May Decline to Support Level of $0.922
USDCHF Price Analysis – March 25
In case the Bears’ momentum increase, USDCHF price may break down the support level at $0.927, then, 0.9322 levels may be reached and it may decline to $0.915 level. Should the bears lose momentum at the support level of $0.927, bulls may return to the market and the price may increase towards $0.931, $0.935 and $0.939 levels. .
Resistance levels: $0.931, $0.935, $0.939
Support levels: $0.927, $0.922, $0.915
USDCHF Long-term trend: Bearish
USDCHF is bearish on the long-term outlook. Two weeks ago, the currency pair was under the control of the buyers. The currency pair reached the high of $0.943 level. An inverted pin bar formed at the just mentioned level which is an indication of bearish reversal. The currency pair decline and the former support levels of $0.935 and $0.931 turns to resistance level. At the moment, the price is trying to penetrate the support level of $0.926.
USDCHF Medium-term Trend: Bearish
USDCHF is bearish in the medium-term outlook. The price increased to the resistance level of $0.947 and could not break up the level. The price started making a lower lows and lower highs as a sign of downtrend. Yesterday, the price broke down the support level of $0.931 and the price is testing the support level of $0.926.
The 9 period EMA has crossed the 21 periods EMA downside as a sign of bearish market. USDCHF is trading below the two EMAs. Meanwhile, the Relative Strength Index period 14 is at 35 levels with signal line pointing down to indicate sell signal.
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