empty
 
 
15.10.2021 06:58 PM
USD/CHF downside reversal

This image is no longer relevant

USD/CHF upside is over

The USD/CHF pair increased within an up channel, above the uptrend line. Lately, it has shown some overbought signs after failing to approach and reach the channel's upside line. Now, it has dropped below the uptrend line signaling that the upward movement is over and that the sellers could take the lead.

As you can see, USD/CHF has found demand around 0.9202 above 0.9200 psychological level and now it has rebounded. You already know from my analyses that when the price breaks below an uptrend line, it could come back to test and retest it before dropping deeper.

USD/CHF trading conclusion

The USD/CHF pair may confirm a larger drop if it declines below 0.9202 immediate low. It could extend its drop as long as it stays under the downtrend line, but only a fall below the near-term low could activate a strong downwards 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
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 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.
    JOIN CONTEST
  • 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.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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