FX.co ★ USD/CHF: 0.9290 obstacle violated, 0.9159 as next target

USD/CHF Strong Sellers!

The USD/CHF pair registered a strong drop in the short term after failing to pass above the 0.9437 upside obstacle and after failing to stay above the uptrend line. It has ignored the 0.9290 former low as well. This represented a downside obstacle, so a deeper drop was natural.

Now, it is trading at 0.9204 at the time of writing. The downside pressure is strong, the next downside target and obstacle are represented by 0.9159. This represents a downside obstacle.

USD/CHF Trading Conclusion!

The breakdown below 0.9290 represented a selling opportunity with a potential target at 0.9159. Dropping and stabilizing below this level could confirm further drop. The 0.9064 lower low represents a potential downside target if the rate continues to drop.