SimpleFX USDCHF Chart Analysis: October 4, 2019

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The market continues to move within the red channel. During the previous week, we saw the price increase from the lower bound of this channel to its upper wall. Since the price has almost touched the upper red bound, at the moment we can see the price decrease to the support level of 0.990, which is located on the lower red bound. Confirmation that the bears will head to this level will be the breakdown of the moving average line near the level of 0.996 .  Then, if there is a rebound from the level of 0.990, the target for the price will be the upper border of the red channel and the level of 1.007. If we see a breakdown down the red bound, for the bears the path will open to the level of 0.974, which is located on the lower yellow wall.

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