Weekly Technical Analysis Report 24 August – Bearish play seen on USDCHF
August 26, 2022
Weekly Technical Analysis Report 24 August – Bearish play seen on USDCHF
1. This week’s outlook on USDCHF: Bearish play seen
On the H4 time frame, prices are testing a key resistance area at 0.9680 in line with the descending trend line, 61.8% Fibonacci retracement and 78.6% Fibonacci extension. We could see further downside in prices to the support target at 0.95500, which coincides with the 50% Fibonacci retracement. Stochastic is facing bearish pressure from its resistance and showing bearish divergence as well where we could see further downside, in line with prices.
Outlook on USDCHF: Bearish play seen by Salzworth on TradingView.com
