USDCHF → Manipulation? False breakout of resistance

10 Nov

USDCHF attempted to take advantage of the trend reversal opportunity after breaking out of a descending wedge, but the weak dollar hindered the rally...



The currency pair is facing resistance at 0.8076. There is no continuation of the momentum towards a breakout, and bearish pressure, which is intensifying as the dollar index declines, is negatively affecting the currency pair. The price has returned to the trading range, with an emphasis on 0.8057 - 0.8076. If the bears keep the price below this zone, this move could trigger further sell-offs.

Resistance levels: 0.8057, 0.8076
Support levels: 0.7957, 0.7925

The false breakout confirms that sellers currently have the upper hand and buyers lack the strength to push the price higher. Accordingly, consolidation below the key level could trigger a further decline towards the zone of interest at 0.7975.

Best regards, R. Linda!

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