The price line on the USDCHF price chart started moving within a descending channel on the 22nd of November 2022. As a result of this bearish wave, the value of this pair descended more than 5.2% until the 23rd of January 2023. The bearish power on this market then started reducing and the price line was slightly pumped and is now struggling to break above the resistance of the midline of the channel. RSI has issued a negative divergence and the volume of the trades is also signaling an upcoming bearish wave. Traders could be expecting a bearish trigger to be ignited, then they can enter short positions heading to the support zones mentioned below.
• There is a resistance level at 0.92465 followed by resistance at 0.92800 and 0.93000
• There is a support level at 0.91580. Below, there is 0.91420 and 0.91000.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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