31.12.202116:10 Forex Analysis & Reviews: USDCHF breaks below key support trend line.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

In previous posts we noted the importance of the upward sloping support trend line. We noted that trend would remain bullish as long as price were to respect the trend line. Two days ago USDCHF broke below the key support.

Orange line - support trend line

USDCHF is trading just above 0.91 after having broken below the upward sloping orange trend line. Next support is the horizontal key level of 0.9084 where a previous low provides support. Short-term trend is bearish and breaking below 0.9084 will open the way for a deeper pull back, even towards 0.89. Price is making lower lows and lower highs. There is no sign of a divergence by the oscillators, so we remain confident that the new year will start with USDCHF being under pressure.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.