Main Quotes Calendar Forum
flag

FX.co ★ USDCHF respects support trend line at 0.9050.

parent
Forex Analysis:::2023-06-06T13:03:00

USDCHF respects support trend line at 0.9050.

USDCHF respects support trend line at 0.9050.

Black line- support trend line

Violet lines- Fibonacci retracement levels

USDCHF is trading around 0.9084. Short-term trend remains bullish as price continues to respect the black upward sloping trend line. This trend line has proven many times to be an important support level. Price dipped as low as 0.9032 forming a marginal lower low but also a double bottom. USDCHF has since then reversed significantly higher. Bulls remain in control of the trend. Bears will need to break below yesterday's lows in order to claim control on the short-term trend. Bears have a lot of work to do. On the other hand bulls will need to break above the recent high of 0.9118, as this will give fuel to the bullish momentum.

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