USDCHF, Day | React off Resistance level?

The USD/CHF chart is displaying a strong downward trend, indicating bearish momentum.

With this bearish view, there's a possibility of a negative price reaction near the first resistance level, potentially leading to a decline towards the first support level.

The significance of the initial support at 0.8558 is due to its role as a support level marked by multiple swing lows. Also, a secondary support at 0.8312 adds to the overall support structure.

Conversely, the primary resistance level at 0.8769 is notable for aligning with a resistance point observed in earlier data.

Furthermore, a secondary resistance at 0.8902 is recognized as a potential pullback point, potentially introducing resistance against upward movement.

Analysis are provided by InstaForex

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