USDCHF → Support breakdown. Following the index

5 Apr 2023

USDCHF following the dollar index renews the lows. The currency pair breaks through a strong support, which has been holding the price for a long time. What's next?

The dollar index is approaching a strong support zone, from which a pullback might be formed. This maneuver will also influence the forex market.
Thus, the currency pair usdchf is headed to the support at 0.90230, where there is a chance of the price bounce to the resistance. The retest will determine the further direction, I stick to the opinion that the price from resistance will continue its decline following the dollar index.

Strong resistance: 0.90850 and 0.91500 (selling is possible on the retest)
Key support: 0.90230, 0.90000 and 0.89300
I expect a small pullback from the support levels with further continuation of the fall. Short-term target is support at 0.9000, medium-term target at 0.89300.

Regards R.Linda!

5 Apr 2023

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