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- USD/CHF drops to 6-month low
USD/CHF drops to 6-month low
On the hourly chart today, the USD/CHF pair is showing a sharp downward movement, breaking through several key support levels. The price collapsed below 0.8700, testing the 0.8610 mark. The instrument has been in a consolidation phase for a long time, but the recent downward momentum has been accompanied by a sharp increase in volatility and an increase in sales. The MACD indicator shows a sharp expansion of the bearish momentum, which is confirmed by an increase in the red histograms. The price is also below the MA (200) H1 moving average line (0.8820), which indicates the continuation of the downtrend. If the decline continues, the nearest support is the 0.8590 level, while a return above 0.8700 may lead to a short-term correction.
Resistance levels are: 0.8700, 0.8750, 0.8780
Support levels are: 0.8590, 0.8555, 0.8530
The main scenario for the pair's advance suggests a breakout of the session low of 0.8590 and a possible decline to 0.8555 (Oct 10-11 low)
An alternative scenario implies an increase to the psychological level of 0.8700 (Oct 8 low) and then, maybe, to 0.8750 (March 18 low)
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