#USDCHF Trading outlook 23rd July

Analysing the #USDCHF price action charts reveals a significant potential for a bearish trend in the near future. The current market conditions suggest that if the price manages to breach the crucial support level at .8880, it could trigger a downward movement towards the target level of .8772. This anticipated breakdown is indicative of a shift in market sentiment towards a more bearish outlook for the USDCHF pair.

Traders and investors closely monitoring these developments should be prepared for a possible increase in selling pressure as the price approaches the critical support level. The technical indicators and chart patterns are aligning to suggest a strong possibility of a downward trend gaining momentum once the support is breached.

It is essential for market participants to keep a close eye on how the price behaves around the support level, as a decisive break below .8880 could signal a more prolonged downtrend in the USDCHF pair. This scenario presents both challenges and opportunities for traders looking to capitalize on the potential price movements in the currency pair.

In conclusion, the USDCHF price action charts are pointing towards a bearish outlook with a possible breakdown looming in the coming hours. Traders should exercise caution and implement risk management strategies to navigate the volatility and capitalize on potential trading opportunities presented by this anticipated market move. Chris [Head Coach & Trader for over 30 years]

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