Technical analysis of USD/CHF 02/02/2021

The USD/CHF currency pair is moving in a downtrend on the daily timeframe. The pair found support at 0.8760 and is currently correcting to the key resistance level 0.9000 where (MA 100) is coincided with the upper line of the descending channel intersecting with (23.6% Fib).
If the quotes manage to consolidate above the level of 0.9000, then the next resistance will be the level of 0.9150 (38.2% Fib).
If the price cannot be above the level of 0.9000 and remains within the descending channel, the pair will most likely continue to develop a downward movement with an attempt to overcome the support level of 0.8760.


Created by Joshua Hayn

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