USD/CHF reversed course after posting a new low on August 5 and started trending higher.
USD/CHF has corrected back over recent days, raising the question of whether it might be reversing lower. It has still not fallen far enough to confidently indicate a reversal in the trend and a resumption of the uptrend is still possible. The pair began a sequence of higher highs and lows on the 4-hour chart suggesting it was in a short-term uptrend. It peaked at 0.8749 on August 15. Since then it has been correcting back. It reached a new low of 0.8616 on August 19.
These are all negative signs, however, the short-term trend remains intact. More downside is still required to signal a reversal lower. A close below the 0.8618 support level, for example, would provide confirmation of a reversal of the short-term trend and thestart of a new downtrend. Such a move might then be expected to continue falling to a downside target at 0.8560. Alternatively the pair might still recover.
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