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flag ★ USD/CHF: uptrend violated, fresh downtrend signaled

Forex Analysis:::2022-05-18T16:58:14

USD/CHF: uptrend violated, fresh downtrend signaled

USD/CHF: uptrend violated, fresh downtrend signaled

USD/CHF Corrective Phase!

The USD/CHF pair drops at the time of writing. It's traded at 0.9876 level below 0.9883 former low which represented a downside obstacle. Dropping below the uptrend line and retesting this line signaled that the upside movement is over and that the sellers could take the lead.

Personally, I've drawn a downtrend line which represents an upside obstacle. As long as it stays under this line, the USD/CHF pair could drop towards new lows.

USD/CHF Trading Conclusion!

Retesting the broken uptrend line confirmed that breakdown. Dropping and stabilizign below the 0.9883 downside obstacle could confirm a deeper drop and could bring new selling opportunities.

Analyst InstaForex
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