Dynamic support could not hold
USD was being empowered against CHF since the beginning of the August. A strong support level was formed on the chart. Currently the price broke below the support level and had a significant decline. the overall look of the chart is bearish and Sellers can take the control.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Right now the price is on a support level at 0.92. The level could pump the price a couple times in the past and also equals to 0.5 level of the Fibonacci retracement. RSI indicator is currently at about 25 and a small correction phase is possible. The price most probable would have another retest of the broken support and then will continue the descend. Buyers can Target 0.92655. Sellers could wait for another retest of the broken support and then they can target 0.92 as their first TP and 0.9135 as the second. At any point, breaking below 0.92 would be followed by a strong descending wave heading to 0.9135 .
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.