Main Quotes Calendar Forum
flag ★ Short-term bounce in USDCHF very probable.

Forex Analysis:::2022-05-19T12:04:17

Short-term bounce in USDCHF very probable.

USDCHF has turned lower from 1.00 to 0.9765. Price has retraced almost 38% of the entire upward move since the breakout at 0.9475. We warned bulls that the parabolic rise in USDCHF would be followed by a steep pull back.

Short-term bounce in USDCHF very probable.

Black lines - Fibonacci retracement

Blue lines- bullish channel

Green line -major long-term support trend line

USDCHF has lost in the last three sessions what it gained over a span of 10 days. Pull backs are usually sharp when the rise is parabolic. Despite the sharp decline price has still not reached the 38% Fibonacci retracement. This is the first important short-term Fibonacci support. Price remains inside the bullish channel. Price could continue lower towards the lower channel boundary however it is highly probable that price finds support between 97.30-96.85. USDCHF is expected to reverse to the upside from within this area.

Analyst InstaForex
Share this article:
You have watched all the best publications
We are already looking for something interesting for you...
Recently published:
More recent publications...