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29.07.2020 12:31 PM
USD/CHF On A Declining Path!

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USD/CHF has made a new lower low, it has fallen below the 0.9250 - 0.9218 support area, downside obstacle, so a further drop is favored. When the price violates a support area, technically, it is expected to resume its downside movement, downtrend.

The currency pair is located within a down channel, the breakdown below the mentioned support zone and the accelerated drop suggests that the USD/CHF could approach and reach the downside line of the descending channel.

  • USD/CHF Trading Conclusion!

You can sell USD/CHF right now with a potential target at the downside line and at the 0.9000 psychological level, but you should consider placing a Stop Loss order right above the 0.9250 level (support has turned into resistance).

The second option is to wait for a potential increase in the short term, USD/CHF could come back to test and retest the 0.9250 - 0.9218 area before going towards fresh new lows. The second scenario could help us to sell this pair with lower risk.

Summary
Urgency
Analytic
Ralph Shedler
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