USDCHF Technical Analysis: A bearish trend dominates trading in the USD/CHF pair. The pair is moving within a clear downward range, facing strong selling pressure pushing it back below key levels.
USDCHF Technical Analysis: Price Action
The pair started the day at levels close to 0.8586 as a high, then witnessed a sharp decline to reach a low of 0.8450. It is currently trading around 0.8526, but remains under clear selling pressure. Technical Analysis:
- Moving Averages:
- The price is trading below all major moving averages.
- The moving averages form a ceiling for the pair that may hinder any upward attempts.
- The descending order of the moving averages confirms the strength of the downtrend.
- MACD Indicator:
- The indicator shows strong downward momentum.
- A bearish crossover below the zero line reinforces the selling scenario.
- The widening distance between the lines supports a continued decline.
Forecast:
In light of these indicators, it is expected that:
- Selling pressure will continue on the pair.
- The pair may witness weak upward attempts towards 0.85570.
- Key support appears at 0.84903.
- Any break below this level could open the door to further declines.
Trading strategies based on Buy/Sell levels
| USDCHF | In case of buying | in case of selling |
| Entry point | 0.85570 | 0.84903 |
| Target Point 1 (TP1) | First resistance: 0.85883 | First support: 0.84508 |
| Target Point 2 (TP2) | Second resistance: 0.85974 | Second support: 0.84307 |
| Stop Loss (SL) | 0.84903 | 0.85570 |
It is recommended to be cautious of any current upward attempts, focusing on short positions on rebounds. Monitor price reaction at lower levels, as these areas may witness profit-taking. Risk management remains crucial amid the current volatility.
