Dollar reverses losses

USDCHF Technical Analysis Report 06 November, 2020

  • USDCHF testing support level 0.9000
  • Likely to fall to 0.8955

USDCHF has been falling strongly in the last few trading sessions after the price reversed down from the combined resistance area lying at the intersection of the resistance level 0.9200 (which has been reversing the price from the start of October), upper daily Bollinger Band, 61.8% Fibonacci correction of the downward impulse from September and the resistance trendline from May.

Given the rising bearish USD sentiment seen across the currency markets today – USDCHF pair is expected to fall further in the active impulse wave (3) toward the next support level 0.8955. The pair will need to break below the round support level 0.9000 the price is testing currently to reach this support level.

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