USDCHF maintains a bearish sentiment, aligned with the prevailing downtrend. The recent price action suggests an oversold bounce, which may be temporary before the downtrend resumes.
Key Level: 0.8856
This level represents the previous consolidation zone and serves as a crucial resistance point.
Bearish Scenario: If the price faces rejection at 0.8856, it could resume its decline, targeting 0.8790, followed by 0.8770 and 0.8736 over the longer term.
Bullish Scenario: A confirmed breakout above 0.8856 with a daily close beyond this level would invalidate the bearish outlook, opening the way for rallies toward 0.8870 and 0.8890.
Conclusion:
USDCHF remains bearish unless it breaks above 0.8856. Traders should monitor this key level for either rejection or confirmation to determine the next move.
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 Level: 0.8856
This level represents the previous consolidation zone and serves as a crucial resistance point.
Bearish Scenario: If the price faces rejection at 0.8856, it could resume its decline, targeting 0.8790, followed by 0.8770 and 0.8736 over the longer term.
Bullish Scenario: A confirmed breakout above 0.8856 with a daily close beyond this level would invalidate the bearish outlook, opening the way for rallies toward 0.8870 and 0.8890.
Conclusion:
USDCHF remains bearish unless it breaks above 0.8856. Traders should monitor this key level for either rejection or confirmation to determine the next move.
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.