25.03.202221:28 Forex Analysis & Reviews: Weekly USDCHF analysis.

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.

USDCHF is trading around 0.93 having a second negative week. Last week price got rejected at the horizontal resistance and previous high of 0.9460-0.9470 and closed near its lowest levels. Last week's candlestick pattern was bearish. This week price made new lower lows relative to last week but bulls have managed to reclaim so ground.

Black line - horizontal resistance

Red line - upward sloping trend line support

USDCHF is trading inside and upward sloping triangle pattern. Price continues to respect the red trend line coming from the end of 2020. This upward sloping trend line has been confirmed many times so far, it is safe to say that as long as price holds above it, there is no danger for bulls. On the other hand, bulls will need to break above 0.9470 in order to hope for a move higher in the longer-term. Bears will need to defend the horizontal resistance at 0.9460-0.9470 and eventually break below 0.9150 in order to produce a bearish sign.

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.