USDCHF vulnerable to a move lower towards 0.8870

Trading 05 Nov 2020 Donner votre avis

USDCHF got rejected this week at the trend line resistance at 0.9185 and is now turning lower towards the support area at 0.9030. This support area has been confirmed several times before and breaking below it will be an important bearish signal.

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Blue line - resistance trend line

Green rectangle -support area

Red lines - expected downward move size if support fails to hold

USDCHF is vulnerable to a move lower. The inability to break and stay above the blue downward sloping trend line resistance increases the chances of a move lower towards 0.89. If support at the green rectangle area at 0.9030 fails to hold, our first target will be 0.8870 and our second target would be 0.8770. We remain slightly bearish as long as price is below recent highs at 0.9210

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

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