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    Baxia Markets
    By
    July 28, 2021

    USDCHF Meets Support

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    USDCHF has finished the Rising wedge. The movement was just as we expected; it dropped suddenly after the wedge. Recently, the price touched the 61.8% Fibonacci level, and broke out the lower Bollinger Bands again; so, is this spot a support level? Will the price continue to go down?

     

    The price passed the Ichimoku cloud, and now the Ichimoku cloud seems to remain at the same level, not following the price trend, which means the downward movement could continue. Also, we do not observe any rising power in the bulls power; it even goes deeper. The MACD just passed a dead cross and is now in a downward trend. The standard deviation remains low, even at the beginning of the breakdown; this could signal a stable trend. 

     

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    The price bounced up a little at the 61.8% support area; however, the price could not just ignore the 61.8% level and Bollinger Bands; a slight bounce up is acceptable. The big picture of the price is still going down.

     

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