USD/CHF Price Analysis – September 14
When the bears increase the selling pressure and they are able to push the price down below 9-day and 21-day moving averages, then, more support levels may be tested.
USD/CHF Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $0.930, $0.932, $0.934
Support Levels: $0.913, $0.911, $0.909
At the time of writing, USD/CHF is on the ranging movement on the daily chart. The resistance level of $0.92 holds and the support level of $0.91 has not pave way for the bears. Meanwhile, that is what makes the buyers and that of the seller remain in the same direction. Therefore, the currency pair continues the sideways movement within the $0.92 and $0.90 levels but the breakout is imminent in the daily chart.
USD/CHF Price Analysis: Ranging Movement May Continues
USD/CHF keeps hovering above the 9-day and 21-day moving averages as an indication of sideways movement but the breakout at the $0.91 level or at $0.90 level may likely put an end to the ongoing sideways movement. On the contrary, the technical indicator Relative Strength Index (14) nosedives below 60-level which indicates a downward market movement.
However, should in case the bears increase the selling pressure and they are able to push the price down below the 9moving averages, then, the support levels of $0.913, $0.911, and $0.908 may be tested. In the meantime, the bulls may need to defend the support level of $0.918, the price may reverse and breakout at $0.925 and this may extend to market movement to the resistance levels of $0.930, $0.932, and $0.934.
USD/CHF Medium-term Trend: Ranging (4H Chart)
On the 4-hour chart, USD/CHF is ranging as the bulls’ pressure is not enough to push the currency pair above the 9-day moving average, likewise, the bears’ pressure is also weak as the support level of $0.918 holds the market price. As it is now, the currency pair is seen dangling within the moving averages.
Moreover, the technical indicator Relative Strength Index (14) is making a quick turn above 50-level displaying buy signal as it is pointing upside. However, USD/CHF may continue to trade within the 9-day and 21-day moving averages at close contact which is an indication of sideways movement.