Tickmill

USDCHF testing resistance, potential drop!

Corto
FX:USDCHF   Dólar estadounidense/Franco suizo
USDCHF is testing our first resistance at 0.9960 (horizontal swing high resistance) and a strong reaction might occur below this level pushing price down to our major support at 0.9731 (horizontal swing low support). A breakout below our short term ascending support line and intermediate support at 0.9845 (horizontal pullback support, 23.6% Fibonacci retracement) might provide the bearish acceleration to our major support target. Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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