The next descending wave looks to be close
USD has been losing power against CHF since the beginning of the October. A dynamic resistance above the price line is preventing the growth on USD/CHF, currently the price is touching the resistance once more and another descending wave can be expected.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In case the resistance can push the price down once more, sellers can target 0.916 as their first Tp. and if the price line can breaks the support level at 0.916, which is not much probable as this area had been able to pump the price up several times in the past, the next target for the descending wave could be 0.912. On the other hand, buyers can take the control if the current resistance cannot prevent the ascend. This can trigger an ascending wave which targets 0.9243 as the first TP and 0.93 as the next one. Please consider that a retest of the broken resistance is highly probable before the commencement of the ascending wave.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.