USD/CHF Price Analysis: Further downside past 0.88

Forex News FX

USD/CHF Price Analysis. USD/CHF takes offers to extend the previous week’s U-turn from a multi-day-old resistance line amid early Tuesday, down 0.10% intraday near 0.8775 by the press time.

  • USD/CHF takes offers to extend week-start reversal from 1.5-month high.
  • U-turn from multi-month-old resistance line, downside break of immediate rising trend line favor Swiss Franc pair sellers.
  • 200-SMA lures short-term sellers; bulls need validation from 0.8830.

In doing so, the Swiss Franc (CHF) pair cheers the downside break of a one-month-long rising trend line support, now immediate resistance near 0.8790.

USD/CHF Price Analysis

The trend line breakdown joins the downward-sloping RSI (14) line, not oversold, to also strengthen the bearish bias about the USD/CHF pair.

As a result, the sellers are all set to revisit the 200-SMA support of around 0.8725 before poking the 0.8700 round figure.

However, multiple levels marked during the late July highlight 0.8690 and 0.8630 will challenge the USD/CHF sellers afterward.

Meanwhile, the pair’s recovery past 0.8790 support-turned-resistance needs validation from the 0.8800 round figure and a downward-sloping resistance line from May 31, close to 0.8815 by the press time.

Following that, the double tops marked on August 14 and 21 around 0.8830 may act as the final defense of the USD/CHF bears ahead of directing the buyers toward June’s bottom surrounding 0.8900.

Overall, USD/CHF remains on the bear’s radar even if the road toward the south appears long and bumpy.

USD/CHF: Four-hour chart

USD/CHF Price Analysis forexnewsfx
USD/CHF Price Analysis

Trend: Further downside expected

Further downside past 0.8800 appears more impulsive appeared first at: Source

forexnewsfx latest forex news fx
Latest Forex News | ForexNewsFX .com


Enjoy this blog? Please spread the word :)