Chart Art: Can USD/CHF Still Extend Its Downtrend?

Forex News FX

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USD/CHF is having trouble breaking above the .8800 psychological handle!

Will this lead to the pair extending its months-long downtrend?

We’re checking the daily chart today!

USD/CHF Daily Forex

USD/CHF Daily Forex Chart

USD/CHF is NOT having a good year as it has fallen from parity levels in late 2022 all the way to the .8800 area today.

Can dollar bears still jump on the downtrend?

The .8750 – .8800 zone presents a pretty good opportunity as the area lines up with the 38.2% Fibonacci retracement of June’s downswing.

A downturn from current levels opens the pair to a move back to its .8550 previous lows.

It could even see new 2023 lows in the next weeks if there’s enough momentum!

Feel like USD/CHF will see a bit more demand before the bears take over again?

You can also watch for the .8850 zone near the trend line resistance, May lows, and the daily chart’s 100 SMA.

If the pair turns lower from the higher resistance zone, then you’ll see better prices for your shorts.

But if USD/CHF busts through the support levels that we’re watching, then y’all better consult your trading plans for a possible upside breakout scenario!

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