Technical Analysis

USD/CHF Bounce Or Break


USD/CHF opened with a gap down today and dropped as much as 0.9598 level, much below the 0.9617 yesterday’s low. Price has come back and closed the minor gap, but is premature to say that will climb higher in the upcoming hours because is under massive selling pressure.

A breakdown below the warning line (WL2) looks imminent after the failure to reach and retest the 250% Fibonacci line (ascending dotted line). Only some good US data could save it from downside, a valid breakdown will signal a drop towards the 0.9498 and towards the 0.9440 static support.

Author: MultiBank Exchange Group Website:
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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