The USDCHF forms negative pattern – Analysis - 15-11-2023

Economies.com
2023-11-15 03:48AM UTC

The USDCHF pair faced strong negative pressure yesterday to break 0.8968 and reach 0.8888 direct, noticing that the price presses on this level in attempt to break it, and by taking a deeper look at the chart, we find that the price forms double top pattern that its confirmation line located at 0.8888, which means that breaking this level will provide strong negative motive that pushes the price towards 0.8810 followed by 0.8710 levels as next negative stations.

 

The EMA50 forms negative pressure against the price to support the continuation of the expected bearish trend, which will remain valid unless the price rallied to breach 0.8968 and hold above it.

 

The expected trading range for today is between 0.8880 support and 0.8950 resistance.

 

The expected trend for today: Bearish

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