USDCHF, H4
On the H4, USDCHF, being in a long-term uptrend, fell sharply to a critical support level. The price has reached MA200, and %R shows a significant oversold condition. However, it is worth considering two possible scenarios.
- If the price breaks below the support at 0.9070 and falls below MA200, the fall is possible to 0.9000, corresponding to 161.8 Fibonacci;
- A rebound from the support will allow the bulls to bring the price back to 0.9160 resistance;
Conclusion
In conclusion, trading CFDs carries inherent risks. Success in this field demands effective risk management. To minimize costly errors and capitalize on trading opportunities, it's crucial to conduct thorough due diligence and manage risks diligently.
