The USD/CHF pair registered a strong drop in the short term and now was trading at 0.8914 at the time of writing. As you can see, the price increased within an up channel pattern, but then it dropped below the uptrend line, signaling that the upwards movement ended and that we may have a new downtrend.
Today, the price dropped below the 0.8948 former low, which represented a downside obstacle. Breaking below this level activates more declines.
USD/CHF trading conclusion
The current breakdown below 0.8948 was seen as a selling opportunity. The 0.8825 lower low represents a potential downside target.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF strong sellers
The USD/CHF pair registered a strong drop in the short term and now was trading at 0.8914 at the time of writing. As you can see, the price increased within an up channel pattern, but then it dropped below the uptrend line, signaling that the upwards movement ended and that we may have a new downtrend.
Today, the price dropped below the 0.8948 former low, which represented a downside obstacle. Breaking below this level activates more declines.
USD/CHF trading conclusion
The current breakdown below 0.8948 was seen as a selling opportunity. The 0.8825 lower low represents a potential downside target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: