21.10.202115:44 Forex Analysis & Reviews: USDCHF moves lower after bearish signal.

Last week we noted through our analysis that USDCHF had provided a sign of weakness by breaking below 0.925 support area. This weakness was expected to initially reach 0.92 as the first target area and then move lower towards 0.9150.

Exchange Rates 21.10.2021 analysis

Red line - short-term support (broken)

Green line - short-term horizontal support (broken)

Orange line - trend line support

USDCHF is approaching our next target which is 0.9150. Short-term trend has changed to bearish as price is making lower lows and lower highs. Price now is at 0.9171 and as long as price is below 0.9250, we expect to see a move lower towards the orange support trend line.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2022
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