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Expert In



Major test ahead for USDCHF.

USDCHF is trading around 0.9178 after making a higher high at 0.9372 a few days ago. Price is approaching a key support trend line. It is important to see if this support holds as it was tested several times before and price respected it.


Orange line - support trend line

As can be seen in the Daily chart above, price has tested more than two times the orange upward sloping trend line. The last time price tested the orange trend line at 0.91, we turned bullish targeting a bounce towards 0.93. As long as price is above the orange trend line bulls have hopes for more upside. Breaking below it will be a bearish signal. Support by the orange trend line is now at 0.9125. So any trader wanting to bet on the upside of USDCHF, should use 0.9125 as a stop area. Short-term trend is bearish as price is making lower lows and lower highs in the 4 hour chart. So far there is no indication of an upward reversal or a pause of the decline.

The material has been provided by InstaForex Company -