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04.11.202115:23 Forex Analysis & Reviews: USDCHF remains inside bearish channel

In our previous analysis on USDCHF we noted the increased chances of an upward reversal. Price is very close to important long-term support trend line but also remains inside the bearish channel.

Exchange Rates 04.11.2021 analysis

Blue lines -bearish channel

Orange line - support

USDCHF continues making lower lows and lower highs. The last couple of days USDCHF is challenging the upper channel boundary resistance around 0.9150-0.9140. As long as price is below this level trend is controlled by bears. However I believe it is time for an upward break out. Price today got rejected once again at the channel resistance, confirming the importance of the resistance at 0.9150. Support is at 0.9080-0.91. Holding above this area is key for the short-term trend at least.

*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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