USDCHF earlier today reached our target trend line. Support was at 0.9080 and price reached and tested this support trend line. Price is now bouncing off this support and we could see a major reversal unfolding. As we mentioned yesterday, breaking below the orange trend line would be an added bearish signal.
USDCHF is in a short-term bearish channel. Short-term has not changed to bullish yet despite the bounce from 0.9280. Price has resistance at 0.9162-0.9175. Bulls need to break above this level in order for short-term to change to bullish. A rejection at 0.9160 area will most probably bring price back towards 0.91-0.9080.
Blue lines - bearish channel
USDCHF as we said above has reached the major support trend line coming from the lows of January 2021. Breaking below this trend line would be a medium-term bearish signal and sign of weakness.
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