USDCHF confirmed a major hourly channel breakout recently. Here we expect to see a further decline in price which is expected to revisit back towards the highlighted bottom level support/key level formed.
This channel has created a very strong supported trend line with its lower boundary which has now been invalidated with its breakout confirmation. The key level is holding a level of 38% on the Fibonacci retracement on its major bullish trend.
This channel has created a very strong supported trend line with its lower boundary which has now been invalidated with its breakout confirmation. The key level is holding a level of 38% on the Fibonacci retracement on its major bullish trend.
Comment:
USDCHF has dumped about 90 pips from the initiated entry-level identified with the breakout this week. We see a potential reversal in the demand zone which has slowed down the bearish trend for some time.
