The USD/CHF price action exhibits bearish sentiment, supported by the prevailing downtrend. The current intraday swing high at 0.8860 serves as a critical trading level, as the pair shows potential for an oversold rally before facing bearish rejection.
Key Levels to Watch:
Key Resistance: 0.8860 (current intraday swing high)
Immediate Support: 0.8760
Lower Support Levels: 0.8720, 0.8680
Upside Resistance Levels: 0.8913, 0.8970
Bearish Scenario:
An oversold rally toward the 0.8860 level, followed by a bearish rejection, could validate the downtrend and target the immediate support at 0.8760. Continued bearish momentum could extend the decline to 0.8720 and ultimately 0.8680 over the longer timeframe.
Bullish Scenario:
A confirmed breakout above the 0.8860 resistance level, accompanied by a daily close above this mark, would negate the bearish outlook. This scenario could trigger further rallies toward the next resistance levels at 0.8913 and 0.8970.
Conclusion:
The prevailing sentiment remains bearish amid the ongoing downtrend. Traders should closely monitor the 0.8860 level for potential bearish rejections or a bullish breakout. A sustained close above this resistance could signal a shift toward bullish momentum, while failure to break above would reinforce the bearish outlook.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels to Watch:
Key Resistance: 0.8860 (current intraday swing high)
Immediate Support: 0.8760
Lower Support Levels: 0.8720, 0.8680
Upside Resistance Levels: 0.8913, 0.8970
Bearish Scenario:
An oversold rally toward the 0.8860 level, followed by a bearish rejection, could validate the downtrend and target the immediate support at 0.8760. Continued bearish momentum could extend the decline to 0.8720 and ultimately 0.8680 over the longer timeframe.
Bullish Scenario:
A confirmed breakout above the 0.8860 resistance level, accompanied by a daily close above this mark, would negate the bearish outlook. This scenario could trigger further rallies toward the next resistance levels at 0.8913 and 0.8970.
Conclusion:
The prevailing sentiment remains bearish amid the ongoing downtrend. Traders should closely monitor the 0.8860 level for potential bearish rejections or a bullish breakout. A sustained close above this resistance could signal a shift toward bullish momentum, while failure to break above would reinforce the bearish outlook.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.