For Traders

Analytical Reviews

Technical analysis

01.12.202117:05 Forex Analysis & Reviews: Major test ahead for USDCHF.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDCHF is trading around 0.9178 after making a higher high at 0.9372 a few days ago. Price is approaching a key support trend line. It is important to see if this support holds as it was tested several times before and price respected it.

Orange line - support trend line

As can be seen in the Daily chart above, price has tested more than two times the orange upward sloping trend line. The last time price tested the orange trend line at 0.91, we turned bullish targeting a bounce towards 0.93. As long as price is above the orange trend line bulls have hopes for more upside. Breaking below it will be a bearish signal. Support by the orange trend line is now at 0.9125. So any trader wanting to bet on the upside of USDCHF, should use 0.9125 as a stop area. Short-term trend is bearish as price is making lower lows and lower highs in the 4 hour chart. So far there is no indication of an upward reversal or a pause of the decline.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.