30.09.2022 04:53 PM
USD/CHF: false breakdown below 0.9756 downside obstacle

This image is no longer relevant

USD/CHF Upside Continuation Possible!

As you can see on the H1 chart, the rate dropped and it has challenged the uptrend line which represents a downside obstacle. The rate dropped below this line but failed to stabilize below it signaling only a false breakdown.

You knew from my previous analysis that the rate could come back to test and retest the uptrend line. As long as it stays above this level, it could resume its growth.

USD/CHF Trading Conclusion!

Jumping above 0.9848 may signal further growth towards the 0.9966 higher high.

Dropping below the uptrend line and under 0.9743 today's low activates a downside movement.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback