USDCHF → Retest of a previously broken trend

13 Mar

USDCHF is forming a correction after breaking the support of the uptrend. The dollar is in an unstable situation and in a phase of decline, which may favor the CHF, in which case the currency pair may decline.



Globally - bearish trend. The resistance retest is formed and the price is not ready to renew the maximum yet and breaks the structure of the pre-breakdown consolidation. A local range below the key level is being formed.
On H1 the price is testing the previously broken flat support, most likely the price may go flat and test the channel boundary after which the decline may resume. The target is the global flat support.

Resistance levels: 0.87830, channel boundary, 0.88758
Support levels: 0.87280, 0.85800

I expect that the retest of resistance will be in the form of a false breakdown after which the decline of the currency pair may continue.

Regards R. Linda!