USDCHF rests on support

USDCHF 4HR Chart - MetaTrader4 Platform

The USDCHF has reached a support level of 0.95510 on the four hour chart from its down trending move which started during last week's opening days of trading.

This bearish move was confirmed by the angle and separation of the 20 and 50 period exponential moving averages. The Ichimoku Kinko Hyo also started to trend down and began plotting future resistance area for the pair, evident by the thickness of the cloud.

USDCHF 1HR Ascending Triangle - MT4 Platform

A look at the 1 hour chart and we can see what appears to be an ascending triangle chart pattern being formed. There was a break of the support line (red line), however the pair failed to break below the 0.95510 support area. This area has proved to be a critical area of support, with a clear break signifying a continuation of the down trend for the next few days of trading.



Confirmations to hold short positions from the pair will come from a break in the support area of 0.95510 on the 4 hour chart. Should this area be broken, further support will lie at 0.94681, 0.94190 and the 0.92707 region.

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