USDCHF Chart Is in a Peculiar Position. What’s Your Move?

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Quite an interesting situation on USDCHF at the time of writing. Two channels were built with the same slope of their walls. Over the previous trading days, the market fell sharply from the upper to the lower bound of the upper green channel. Bears have a lot of strength, so the support level of 0.984 may soon be reached.

If this price level is broken below, the bears will open the way to the next major target, and we can see a decline to the 0.965 area, which is on the lower bound of the big green channel.

However, if there is a rebound from the support of 0.984, and the bulls will not be able to bring the price below the green bound at which this level is, in the next coming trading days we can expect growth to the 1.002 area, i.e. to the upper bound of the green channel.

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