The Swiss franc certainly appears to be in high demand lately but can it keep strengthening? With today’s candle being a bearish one, it seems one question too many. But let’s take a thorough look at the situation for what it is.
USD/CHF moved lower once again earlier today, which brought about a breakdown below the lower border of the blue consolidation.
While this is a bearish development, the day is far from over, and the green support zone combined with the 61.8% Fibonacci retracement continues to keep declines in check.
Therefore, it’s reasonable to expect a rebound from this area as long as there’s no daily close below the mentioned supports. This is especially the case when we factor in the currently oversold and ripe-for-recovery position of the daily indicators.
Connecting the dots, should we see reliable signs of a potential reversal, we’ll consider opening long positions.
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