LegionQ8

After breaking support line Swiss Franc can continue to fall

Short
FX:USDCHF   U.S. Dollar / Swiss Franc
Hello traders, I want share with you my opinion about Swiss franc. By observing the chart, we can see that the price some time ago bounced from the seller zone, which coincides with the 0.8870 resistance level, and made a strong downward impulse below the buyer zone, thereby breaking the 0.8870 resistance level and 0.8615 support level too. But later Swiss Franc rebounded and rose higher of the 0.8615 level and then it made a correction to the support line. After this price started to rise and in a short time rose to a resistance line, where later rebounded down started to fall. The Swiss Franc declined to the support line and then tried to rise, but after it reached the 0.8870 resistance level, the price rolled down and even made a fake breakout of the support line. Then the price a little time trades near the support line and a not long time ago Swiss Franc broke it and now trades below. I think that the price can fall a little more and then make a retest of this line. Next, the Swiss franc continues to decline, therefore I set up my target at the 0.8730 level. Please share this idea with your friends and click Boost 🚀

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