Japanese Yen gains across the board but for how long ?
Fibonacci Levels XAG/USD: Silver facing a further consolidation above 61…
USD/CHF: approaching the bottom?
Information is not investment advice
Mid-term
As you can see on the H4 chart of USD/CHF, the price has been consistently going down since at least the beginning of April. Currently, it trades above 0.8950 having bounced off this support. What's the likely next move? That's the case when we have to look for the answer in a larger timeframe.
Long term
The strategic view shows that the currency pair is at seven-year lows now. 0.8950 is only slightly higher than the range 0.87-0.88 - the true bottom the pair may be dropping to. Therefore, expect the possibility of further downswing until it enters this support range. However, once it goes below 0.88, watch for the upside reversal chart patterns as it is likely to rise and float towards 1.00 again - as it's been doing during the last seven years.
Gaspar Markosyan
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