USDCHF → The dollar may strengthen the currency pair

11 Agu 2023

USDCHF pinches the local bottom at 0.85797 and makes a false breakdown, which realizes the countertrend potential at the moment of dollar strengthening. The price strengthens to 0.87779 and forms a setup that can continue the price growth



The bearish trend is still valid on the chart. The price is trading under the descending resistance. Pay attention to the dollar index, the price is forming resistance at 102.5 relative to the dynamic buyer. A breakout of this level by the dollar will form momentum in the forex market as well.
I expect a breakout of the symmetrical triangle resistance and active strengthening of the price against the trend.

Support levels: 0.87000
Resistance levels: 0.87779
I think that following the strengthening of the dollar the USDCHF currency pair will start to strengthen and in the medium term the price may reach 0.89088.

Regards R. Linda!