USD/CHF 1HR (UPDATE FROM 12/3/2020)
having reevaluated today's market is seems that the blue line of support held strong and was not ready to let price continue down.
the green trend line and red resistance line plot yesterdays ascending triangle, however as previously mentioned the blue support line at 0.93206 saw the price break past resistance and make new highs, as such i have re adjusted my analysis by plotting a new ascending triangle (yellow lines). i still firmly believe that this pair will make a significant move down in the coming weeks ahead, i have based this theory on the falling level of the rsi and the decrease in volatility as price is testing the top yellow line of resistance.
it is my assumption that the next move down will break the bottom trend line but be aware that the previous red resistance line was quite strong and could turn into support pushing price back up again.
the green trend line and red resistance line plot yesterdays ascending triangle, however as previously mentioned the blue support line at 0.93206 saw the price break past resistance and make new highs, as such i have re adjusted my analysis by plotting a new ascending triangle (yellow lines). i still firmly believe that this pair will make a significant move down in the coming weeks ahead, i have based this theory on the falling level of the rsi and the decrease in volatility as price is testing the top yellow line of resistance.
it is my assumption that the next move down will break the bottom trend line but be aware that the previous red resistance line was quite strong and could turn into support pushing price back up again.
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