FX.co ★ USD/CHF: 0.9033 as downside obstacle

USD/CHF Sideways Movement!

The USD/CHF pair is trading at 0.9065 at the time of writing and it is moving somehow sideways. You knew from my previous analysis that dropping below 0.9097 activates a deeper fall. Now, the downside movement was stopped at the 0.9033 level.

Technically, this represents a downside obstacle. In the short term, the price could come back to test and retest the 0.9097 former low which stands as an upside obstacle. As you already know, as long as it stays below the downtrend line, the currency pair could resume its downside movement.

USD/CHF Trading Conclusion!

Dropping below the 0.9033 downside obstacle activated more declines. This is seen as a new selling opportunity.