TECHNICAL ANALYSIS

USDCHF continues its downward movement


Lowest level since May 2015

USDCHF continued its downward movement. The price on the weekly chart below is trading below the June 2015 low at 0.91499, but above the May 2015 low of 0.90708. Today’s low just hit 0.9110. A move below natural support at the 0.9100 level would open the door for a run to the May 2015 low.

USDCHF has been going down for 7 consecutive days (labor day 8). Yesterday’s close was at 0.9126.

Lowest level since May 2015

Breaking through the hourly chart, today’s corrective high stopped before Tuesday’s trade swing low at 0.91553. The low price reached 0.91505. The high also remains below the upper trendline (currently at 0.91577 and falling). Stay below this trendline and the falling 100 hour moving average at 0.9179 keeps sellers in control.

On the downside, Monday Tuesday and Wednesday lows form a trendline which currently sits at 0.9089. This level is another bearish target ahead of the 0.9070 level on the daily chart.

On the top, yesterday’s close at 0.9126 may also be a barometer for bulls and bears today.

Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close