Home USDCHF: Set To Resume Long Term Downtrend

USDCHF: Set To Resume Long Term Downtrend

USDCHF: Our broader outlook on USDCHF remains lower. The pair is now seen challenging the 0.8897 level, its 2011 low where a decisive break will resume its long term downtrend.

Guest post by  www.fxtechstrategy.com

This will set the stage for more weakness towards its psycho level at the 0.8800 level with scope for further price extension towards the 0.8700 level, all representing its psycho levels. Its daily RSI is bearish and pointing lower supporting this view.

Alternatively, a break and hold above the 0.9340 level will have to occur to reverse its present bear pressure and then open up further upside risk towards the 0.9368 level, its Mar 09’2011 high. We expect that level to cap gains and turn the pair lower if tested but if that fails, further strength could develop towards the 0.9503 level.

All in all, the pair remains vulnerable to the downside and looks to resume its long term downtrend.


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.