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01.11.202117:11 Forex Analysis & Reviews: USDCHF approaching trend line target and support.

USDCHF provided us with a bearish signal on mid October when price broke the upward sloping support trend line at 0.9250-0.9240 area. At that time price also broke below the horizontal support at 0.9250 adding to the bearishness of the two signals. Back then our target was first at 0.92, next at 0.9150 and finally at 0.9050.

Exchange Rates 01.11.2021 analysis

Orange line - support trend line

Red line- support (broken)

Green line -horizontal support (broken)

In ouranalysis on October 14th we noted the bearish signal and the targets. Support now by the orange upward sloping trend line is at 0.9085. I expect the orange trend line to be tested soon. Short-term trend remains bearish after breaking below the support area of 0.9240-0.9250. Breaking below the orange trend line would be an added bearish signal.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Alexandros Yfantis,
Chuyên gia phân tích của InstaForex
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