USDCHF → Retest, which can confirm a change of trend

12 giu 2023

The USDCHF breaks the uptrend and forms a retest for a possible short entry point. The currency pair is preparing for a decline

The USDCHF is now squeezed between the MA-200, which plays the role of support and MA-50, which is a resistance.
The price makes a retest to the level of 0.90291, which is the key level for further moves in either direction.
Consolidation of the price below that level will form an entry point for a possible sell-off, in which case the downside will definitely change and wait for a decline.

Strong support: 0.8980, MA-200.
Strong resistance: 0.90291, MA-50.
I expect that bears will do their job. The market will form a consolidation and start a further decline to 0.89400

Regards R. Linda!