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    Baxia Markets
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    October 26, 2021

    USDCHF: Downward trend would continue

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    As can be seen, the downward trend on USDCHF has lasted for twenty-six days since Sep 30. However, recently, the price seemed to meet support here. Does this mean the end of the downward trend here on USDCHF? The movement was unstable; as can be seen, the fluctuations were full of the trend. So, this could be another fluctuation.

     

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    I know traders may worry that the price line touched the upper Bollinger Band and the Ichimoku cloud. However, as I said before, the price has fluctuated for a long time; during the trend, every fluctuation pushed the price line to touch the Ichimoku cloud and upper Bollinger Band; we do not have to worry about that. Although the MACD made a bullish cross, it does not mean that the upward trend could last; the MACD still moves below the zero level. If we consider this fluctuation a Fibonacci retracement, it could be a time to turn back to the downward trend. I do not think the price could go beyond the 38.2% level Fibonacci.

     

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