USDCHF Price Is Ranging Within $0.98 and $0.96 Price Levels, a Breakout Is Imminent

USDCHF Price Is Ranging Within $0.98 and $0.96 Price Levels, a Breakout Is Imminent - 

usdchf forex signals

USDCHF Price Analysis – May 05

The breakout at the supply level of $0.97 by the increase in the bulls’ momentum will expose the price to $0.98 and $0.99 supply level. On the other hand, the breakout at the demand level of $0.96 will decrease the price to the demand levels of $0.95 and $0.94.

Key Levels:

Supply levels: 0.97, $0.98, $0.99
Demand levels: $0.96, $0.95, $0.94

 

USDCHF Long-term Trend: Ranging

USDCHF is ranging in the long-term outlook. USDCHF entered a ranging movement over three weeks ago. The supply level of $0.98 has been a strong barrier to the currency pair. In the same way, the support level of $0.96 has been holding the price. Last week, the price tested the supply level of $0.98 and bounced off. It decreased towards the lower trend line of the horizontal channel. The demand level of $0.96 was tested on May 01. Currently, it is increasing towards the upper trend line.

usdchf forecast

 

FX Signals

 

USDCHF is trading over and around the 21 periods EMA and 50 periods EMA as a sign of ranging movement. The breakout at the supply level of $0.97 by the increase in the bulls’ momentum will expose the price to $0.98 and $0.99 supply level. On the other hand, the breakout at the demand level of $0.96 will decrease the price to the demand levels of $0.95 and $0.94. The Relative Strength Index period 14 is at 50 levels with the signal line pointing upside which indicates a buy signal.

USDCHF Medium-term Trend: Ranging

USDCHF is ranging on the medium-term outlook. The currency pair continues its ranging movement within the horizontal channel formed last week. It maintains a ranging movement within the $0.96 and $0.97 price level. The demand level of $0.96 was tested last week and bounced towards the upper trend line.

Forex Signals Trading Career

The currency pair is currently trading above the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal which may be a pullback.

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