USDCHF Technical Analysis Report 10 February, 2021

• USDCHF under bearish pressure
• Likely to fall to support level 0.8850

USDCHF under bearish pressure after the price reversed down with the daily candlesticks reversal pattern Bearish Engulfing from the resistance area lying between the key round resistance level 0.9000 (former powerful support from September and November), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse from the start of November

Given the clear multi-month downtrend that can be seen on the daily USDCHF charts and the significant Swiss franc bullishness seen today – USDCHF currency pair can be expected to fall further toward the next support level 0.8850 (low of the earlier minor correction (b) from last month).

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