FX.co ★ USD/CHF: 0.8871 as downside obstacle

USD/CHF Downtrend Intact!

The currency pair increased a little in the short term but it has found strong supply around the 0.9000 psychological level and now it has turned to the downside again. Now, it's trading at 0.8879 at the time of writing.

Technically, the rate could drop deeper as long as it stays below the downtrend line which represents an upside obstacle. Its failure to retest the downtrend line signaled exhausted buyers and strong selling pressure. The 0.8871 former low represents a downside obstacle.

USD/CHF Trading Conclusion!

Dropping and stabilizing below the 0.8871 downside obstacle activates further drop and is seen as a selling opportunity.