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Technical analysis for the USDCHF on 11.08.2015

The USDCHF: downside correction is about to commence

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 1.0000

Min. 0.9715

usdchf2

The price has been consolidating below 0.9880 resistance for three days. And for the third day intraday candlesticks are closing amid low volatility – downside correction is about to commence.

To confirm correction down, bears have to break and hold below the intermediate support of 0.9800. The breakout will open the way to 0.9715.

If downside correction passes the 0.9715 mark, the next target will be situated at the ascending trend line of 0.9665. Its test will most likely trigger consolidation, followed by the rebound up.

Alternative scenario: the breaking of 0.9880 resistance will allow bulls to continue medium-term bullish trend with the targets at 0.9900, 1.0000.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!

The USDCHF: downside correction is about to commence

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 1.0000

Min. 0.9715

usdchf2

The price has been consolidating below 0.9880 resistance for three days. And for the third day intraday candlesticks are closing amid low volatility – downside correction is about to commence.

To confirm correction down, bears have to break and hold below the intermediate support of 0.9800. The breakout will open the way to 0.9715.

If downside correction passes the 0.9715 mark, the next target will be situated at the ascending trend line of 0.9665. Its test will most likely trigger consolidation, followed by the rebound up.

Alternative scenario: the breaking of 0.9880 resistance will allow bulls to continue medium-term bullish trend with the targets at 0.9900, 1.0000.

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!



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