Market Analysis of USDCHF on 08 Nov 23 Wednesday

2023-11-08 16:50Fonte:BtcDana

TECHNICAL ANALYSIS 

On the daily chart, Analyzing the USDCHF pair, it's apparent that it recently retested the previously broken trendline around the 0.91 level, coinciding with the 61.8% Fibonacci retracement level, providing a confluence of resistance factors. Subsequently, sellers entered the market, anticipating a decline towards the 0.88 handle, especially following disappointing US labor market data. Shifting to the 4-hour chart, the price is currently confronting a formidable resistance zone near the 0.90 level. This zone presents a confluence of resistance elements, including the downward trendline, the red 21 moving average, and the 50% Fibonacci retracement level. Here, sellers are likely to make their presence felt again, establishing a clearly defined risk level just above the trendline as they aim to target the 0.88 handle. Conversely, buyers will be looking for a breakout above this resistance to invalidate the bearish setup and position themselves for a potential rally back to the 0.91 handle. Zooming in on the 1-hour chart, a closer examination reveals the bearish setup, with the price fluctuating within the range of 0.9020 resistance and 0.8990 support. More cautious sellers may prefer to wait for a confirmed break below the support level before increasing their bearish positions, with an eye on the 0.88 handle as their potential target.

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