USDCHF → Buyers don't believe in growth? Waiting for a breakdown

27 sept. 2024

USDCHF is closing in a consolidation range amid a strong bearish trend accompanied by a decline in the dollar index. Accent on 0.840 and downside resistance....



On d1 after a strong fall a stop is formed with subsequent consolidation, which shows the outlines of a descending triangle, which can be interpreted as an active selling of the price by bears against the absence of a strong buyer, who put all his strength at 0.84 to hold this area.
The struggle continues and regarding the previously mentioned boundaries: 0.840 and downside resistance, we can form 2 strategies:
1) Break of 0.84 support and subsequent downward thrust.
2) An attempt to recover (there may be some economic reasons) which may lead to a break of resistance and momentum, but not for long....

Resistance levels: 0.85, 0.852
Support levels: 0.84, 0.833

Still, based on the general market behavior and chart structure, we can assume that the buyers do not believe in further growth. In the short-term (medium-term) perspective I am waiting for support breakout and fall....

Rate, share your opinion and questions, let's discuss what's going on with ★ USDCHF ;)

Regards R. Linda!

28 sept. 2024

Transaction en cours

29 sept. 2024

Transaction en cours

There could be downward momentum from the opening of the session....
Or a small pullback and a breakout retest