USDCHF is stuck in a small range

7 июл. 2023 г.

Although USDCHF is seen trading below a short-term downside resistance line drawn from the high of March 8th, from around mid-June the rate has been moving sideways within a range. That range is roughly between the 0.8907 and 0.9000 levels. The overall trend is still to the downside, however, in order to consider the next short-term directional move, we would prefer to wait for a violation of one of the sides of the above discussed range.

A drop below the 0.8907 territory may open the door towards lower areas. More bears may enter the field and that’s when we will target the lowest point of May, at 0.8820.

Alternatively, a break of the upper side of the previously mentioned range may invite more buyers into the game, as such a move may also lead to a violation of the aforementioned downside line. This could signal a change in the current trend, potentially sending USDCHF towards the 0.9100 zone, or slightly above.

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