USDCHF, H4 | Descending Trendline Acts as Resistance?
May 11, 2023 6:22 am
The USD/CHF chart is currently displaying bearish momentum, as the price is below a major descending trend line, indicating the likelihood of further bearish movement.
In the event that this bearish momentum persists, the price may potentially decline towards the first support level at 0.8862, which is an overlap support level and also corresponds with a 78.60% Fibonacci retracement. If the price breaks below this support level, it could potentially drop further towards the second support level at 0.8827, which is a multi-swing low support level.
On the resistance side, the first resistance level is at 0.8939, which is a swing high resistance level. If the price were to rise from the current level, it could potentially face resistance at this level.
The second resistance level is at 0.8974, which is also a swing high resistance level. If the price were to surpass the first resistance level, it could potentially encounter resistance at this level as well.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CHF chart is currently displaying bearish momentum, as the price is below a major descending trend line, indicating the likelihood of further bearish movement.
In the event that this bearish momentum persists, the price may potentially decline towards the first support level at 0.8862, which is an overlap support level and also corresponds with a 78.60% Fibonacci retracement. If the price breaks below this support level, it could potentially drop further towards the second support level at 0.8827, which is a multi-swing low support level.
On the resistance side, the first resistance level is at 0.8939, which is a swing high resistance level. If the price were to rise from the current level, it could potentially face resistance at this level.
The second resistance level is at 0.8974, which is also a swing high resistance level. If the price were to surpass the first resistance level, it could potentially encounter resistance at this level as well.
The material has been provided by InstaForex Company – www.instaforex.com
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