USD/CHF MAY ENTER INTO BEARISH TREND
When looking into the long-term outlook of USDCHF, the bears’ momentum pushed the parity price to the support level of $0.92 last week. The level initially hold the price and that is what made the price to consolidate at that level for 3 days long. After that bears continued to increase their pressure and the support level of $0.92 was broke to the $0.90.
In contrary, the bulls were trying to push up the price today but bearish trend continued. The support level of $0.90 may be reached when the bears continue to increase their pressure in the USDCHF and below the level are $0.89 and $0.87 levels.
In case the demand level of $0.90 holds, there may be a bullish reverse to target new levels: $0.91, 0.92 and $0.93.
Medium-term Trend of USDCHF: Bearish Again
USDCHF is seems bearish on the medium-term also. USDCHF price break down to the support level of $0.91 with the formation of strong bearish candle.
After the breakout, the pair started consolidation below the dynamic resistance level. It seems the bears’ momentum is getting weaker and weaker as the price is gradually entering new resistance levels.