The USDCHF pair has seen a key shift in its trend with a break below an important support, leading us to anticipate possible next moves.
Break Below Key Support
The USDCHF has registered a break below the critical 0.8606 support level. This indicates the completion of the upside move that had initiated from 0.8332, culminating at 0.8728.
Anticipated Future Decline
In the ensuing days, we could potentially witness a further decline. The next target for this downward move is projected to be the 0.8500 vicinity.
Resistance Level Perspective
The immediate resistance in sight is the 0.8650 level. A breakout above this level could spark another upward shift towards the 0.8684 resistance.
Potential High Targets
If this resistance level is surpassed, the aim would then shift to the 0.8728 level, which constitutes the previous high.
In conclusion, with the USDCHF’s break below key support signalling the end of a previous upside move, we anticipate further potential declines, while keeping an eye on key resistance levels and previous high targets.