The USD/CHF pair has recently shown some interesting price action that suggests a continuation of its downward trend. Let’s break down the key levels and potential scenarios for traders to watch.
Recent Developments
Key Levels to Watch
- Current support: 0.8819
- Next target: 0.8780
- Further support: 0.8730
- Initial resistance: 0.8865
- Trend line resistance
- Higher resistance: 0.8990
- Major resistance: 0.9050
Potential Scenarios
- If USD/CHF breaks below 0.8819, expect a move towards 0.8780
- A break below 0.8780 could lead to further decline towards 0.8730
- A break above 0.8865 could trigger a retest of the falling trend line
- If the pair breaks above the trend line, it may move towards 0.8990
- A break above 0.8990 could lead to a test of the 0.9050 resistance
Conclusion
The current technical setup suggests that USD/CHF is likely to continue its downward trend. Traders should keep a close eye on the key support level at 0.8819 for potential short entries. However, be cautious of any breaks above 0.8865, as this could signal a potential trend reversal.Remember to always use proper risk management techniques and consider multiple timeframes when making trading decisions based on this analysis.More By This Author:GBP/USD Analysis: Recent Surge And Future OutlookUSD/CHF Technical Analysis: Testing Key Resistance LevelsUSD/JPY Technical Analysis: Downtrend Continues Within Falling Channel
