Currently, the USD/CHF chart exhibits bearish characteristics with the price situated below a significant descending trend line, indicating the potential continuation of bearish momentum. It is anticipated that the price may potentially decline towards the first support level at 0.8869, which is a multi-swing low support level and a key area of buying interest. Additionally, this support level aligns with the 50% Fibonacci retracement level, which holds substantial significance in technical analysis.
In terms of resistance levels, the chart identifies the first resistance level at 0.9006, which is a multi-swing high resistance and has previously acted as a significant area of selling interest. The second resistance level is at 0.9069, a pullback resistance level that coincides with the 78.60% Fibonacci retracement level. As such, this resistance level could potentially serve as a hindrance to any upward price movements.
The material has been provided by InstaForex Company – www.instaforex.com
Currently, the USD/CHF chart exhibits bearish characteristics with the price situated below a significant descending trend line, indicating the potential continuation of bearish momentum. It is anticipated that the price may potentially decline towards the first support level at 0.8869, which is a multi-swing low support level and a key area of buying interest. Additionally, this support level aligns with the 50% Fibonacci retracement level, which holds substantial significance in technical analysis.
In terms of resistance levels, the chart identifies the first resistance level at 0.9006, which is a multi-swing high resistance and has previously acted as a significant area of selling interest. The second resistance level is at 0.9069, a pullback resistance level that coincides with the 78.60% Fibonacci retracement level. As such, this resistance level could potentially serve as a hindrance to any upward price movements.
The material has been provided by InstaForex Company – www.instaforex.com
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