Technical analysis of USD/CHF 02/19/2020
The USD/CHF currency pair shows an upward correction in the downward channel on the 1D timeframe. At the moment, the price is consolidating at the intersection of MA100 and MA200 with the level of 38.2% of the Fibo grid in the region of 0.9850.
The technical picture suggests the completion of an upward correction in the zone of current levels and a reversal in the direction of the main trend with a target below 0.9600. However, the scenario of the correction continuation to the level of intersection of 50% Fibo grid with the downward channel upper boundary in the region of 0.9920 and only then a reversal in the direction of the main trend with a target below 0.9600 also seems likely.
Cancellation of the falling option after the completion of the upward correction will be an increase above the zone of the level of 1.0000, which will indicate a breakdown of the upper boundary of the downward channel, as well as a breakdown of the 61.8% Fib level, MA100 and MA200, may indicate a possible change in the trend on the 1D timeframe.
Created by Joshua Hayn