#USDCHF Inside a Descending Channel
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USDCHF is down 0.90% today following the the CPI report that showed inflation eased more than expected.
🔹Even tho the US Dollar gained ground against Swiss Franc before Powell’s Congressional testimony the recent reports is sending the Dollar back to the 200 MA (0.8888).
🔸If the price falls below the 200 MA (0.8888) the next target for the sellers is going to be the strong support and the 0.23 fib level at 0.8757.
🔹A breakout below this support is possible with further weakening of the dollar which will result in the short-term bearish momentum to be extended and send the price down to 0.8689, 0.8570 and 0.8340.
🔸Alternatively, if any positive reports resulted in Dollar gaining strength over the Swiss Frank, we can expect the bulls to push the price up the breakout of the Descending channel.
🔹Resulting in the price reaching the 0.38 fib level (0.9016), 0.9099, 0.5 fib level (0.9230) and 0.61 fib level at 0.9445.
Zanzibar Trading
USDCHF is down 0.90% today following the the CPI report that showed inflation eased more than expected. 🔹Even tho the US Dollar gained ground against Swiss Franc before Powell’s Congressional testimony the recent reports is sending the Dollar back to the 200 MA (0.8888).
🔸If the price falls below the 200 MA (0.8888) the next target for the sellers is going to be the strong support and the 0.23 fib level at 0.8757.
🔹A breakout below this support is possible with further weakening of the dollar which will result in the short-term bearish momentum to be extended and send the price down to 0.8689, 0.8570 and 0.8340.
🔸Alternatively, if any positive reports resulted in Dollar gaining strength over the Swiss Frank, we can expect the bulls to push the price up the breakout of the Descending channel.
🔹Resulting in the price reaching the 0.38 fib level (0.9016), 0.9099, 0.5 fib level (0.9230) and 0.61 fib level at 0.9445.
Zanzibar Trading
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