USDCHF at major support

Trading 23 Oct 2020 Donner votre avis

USDCHF is trading at 0.9050 for the third time the last three months. Last time USDCHF was at current levels, price reversed trend and made a bounce all the way to 0.93. Longer-term trend remains bearish as price continues to make lower lows and lower highs since April of 2019.

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Green rectangle - major support

Blue line - resistance trend line

USDCHF remains in a bearish trend as long as price is below the blue trend line resistance. If the green support area fails to hold then we should expect USDCHF to remain under pressure and make a move towards 0.89 at least. If price manages and breaks above the blue trend line then we should expect the September high at 0.93 to be broken. Any bounce towards the blue trend line resistance is seen as a chance to sell again, specially if price breaks the green support area.

The material has been provided by InstaForex Company - www.instaforex.com

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