Bitcoin At the end of the past week, Bitcoin broke through the big resistance level of $50 400 and reached $51 500 after the worse-than-expected US labor data…
USD/CHF: approaching the bottom?
2021-05-27 • Updated
As you can see on the H4 chart of USD/CHF, the price has been consistently going down since at least the beginning of April. Currently, it trades above 0.8950 having bounced off this support. What's the likely next move? That's the case when we have to look for the answer in a larger timeframe.
The strategic view shows that the currency pair is at seven-year lows now. 0.8950 is only slightly higher than the range 0.87-0.88 - the true bottom the pair may be dropping to. Therefore, expect the possibility of further downswing until it enters this support range. However, once it goes below 0.88, watch for the upside reversal chart patterns as it is likely to rise and float towards 1.00 again - as it's been doing during the last seven years.
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
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