Technical analysis of USD/CHF 03/16/2023
The USD/CHF currency pair on (1W) is in a downtrend.
The price fixed below the area of 0.9400 (MA100), (MA200), found support at 0.9060 and is now consolidating around 0.9300.
The technical picture demonstrates the workout of the “Double top” pattern, which indicates the continuation of the development of the downtrend with the target of 0.8760 (annual low in 2021).
The nearest resistance is the 0.9400 level area.
The signal to cancel the option to continue the downtrend will be the growth of quotes above the level of 0.9730 (61.8% Fibonacci), which will indicate a change in trend.
Created by Joshua Hayn
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