The USDCHF currency pair on the Daily Chart has been in a downtrend since 30 September 2021 when it registered the high price at 0.93673 , followed by a series of lower tops and lower bottoms.
On 25 October 2021, the USDCHF pair recorded the low price of 0.91490.
When applying Oscillator Analysis to the price chart, one can see that the MACD Oscillator is recording values below the zero line as well as the current price is trading below the SMA 60 period Moving Average line which hints to the bearish bias of financial instrument.
The presence of the Bearish Evening Star pattern situates in the corrective wave, which reinforce perspectives to the downside of the USDCHF’s exchange rate.
Additionally, the Relative Strength Index Oscillator stays below the fifty line, which also confirms the negative sentiment in the market.
Both price action on the chart, as well as the indicators, are in agreement in terms of the pair’s downward bias.
Three price targets may be calculated upon applying the Fibonacci tool to the price chart.
- The first price target is estimated at 0.91783 (161.8%).
- The second price target is seen at 0.90955 (261.8%).
- The third price target is projected at 0.89616 (423.6%).
While the first target has already been breached, Of course, supply and demand as well as the crowd sentiment will determine the future course of Swissy.
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