USD/CHF Decline Resumes, Targeting Key Support Level at 0.8778

Thursday, 11 July 2024, 13:21

The USD/CHF pair has resumed its decline, breaking through the 0.8942 support level and indicating a downside bias towards retesting the critical 0.8825 mark. With the fall from 0.9223 currently in progress, the focus is on the next support level at 0.8778, representing a 50% retracement of the recent move. The near-term outlook suggests a continuation of the bearish trend, with downward pressure likely to persist as long as the 0.9000 resistance remains unbreached.

Actionforex — USD/CHF Decline Resumes, Targeting Key Support Level at 0.8778

USD/CHF Mid-Day Outlook

Key Points:

Decline Resumes: The pair breaks below the 0.8942 support level, signaling renewed selling pressure.
Targeting 0.8778: Focus shifts to the key support level at 0.8778 for potential reversal.
Bearish Momentum: Continued downside bias with near-term channel intact, aiming for further retracement.

The USD/CHF pair's current move points towards a bearish continuation, emphasizing the significance of the 0.8778 support as the next potential turning point.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

USD/CHF Mid-Day Outlook

Key Points:

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