USDCHF showing bearish pressure | 27th July 2021

USDCHF holding below a descending trendline resistance and is currently at the horizontal overlap resistance which coincides with the 23.6% Fibonacci retracement. We can expect the price to reverse off this level and take support at 0.91196 which is in line with the horizontal swing low support and 0.786% Fibonacci extension level. Our bearish bias is further supported by how price is holding below the EMA.

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