USDCHF Sellers Remain in Control
The USDCHF bearish trend continues its deep strike, with sellers maintaining a strong offensive for several months, driving the pair to the crucial 0.84480 level.
USDCHF Market Levels
Resistance Levels: 0.90600, 0.87300
Support Levels: 0.84040, 0.83200
The market has experienced a significant shift after trading above the 0.91000 key level. The bears coordinated their attack, first breaking through the 0.89320 market area in June. Since then, bearish sentiment has only grown stronger, leaving buyers with limited opportunities to regain control.
Before the end of August, sellers drove the price down to the 0.84080 key level. Although buyers attempted a recovery, sellers quickly pushed the price back down to this significant zone. Technical indicators are also signaling continued bearish momentum.
The Parabolic SAR (Stop and Reverse) indicator remains anchored in the bearish trend, pulling the market lower. Additionally, the Moving Average crossover is sliding downward, further validating the ongoing bearish momentum.
Market Expectation
In the short term, bears are firmly in control, and the bearish trend shows no signs of relenting. Buyers are likely to face continued challenges in attempting a recovery, as both the Parabolic SAR and Moving Average indicators remain aligned with the sell direction.
Investors and traders should make well-calculated moves to make informed decisions, guided by forex signals. The 0.84080 level remains a critical support zone, and a break below it could lead to further downside.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not for your investing results.
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