USD/CHF reached strong weekly support

23 thg 7, 2020

The current price sits right on a strong support which can be seen on the weekly chart.

Before it broke down out of its downward channel.

Now the RSI is quite oversold on the daily and it sits below the lower Bollinger Band.

I believe that it will get back into that channel, around 0.9375 seems to be the next resistance, this is also the 0.618 fib retracement of the current breakdown on the daily.

TP 1: 0.9375
TP 2: 0.945
TP 3: 0.953 or the blue trendline

SL: 0.918