• The USD/GHS has a big drop — down over 27% in one month.
• The price is now around GHS 10.23, sitting on a zone where price bounced in the past.
• Key fib support zone 0.786 (10.698 GHS) — broken.
• Key fib support zone 1.000 (8.50 GHS) — next likely support.
• Current price is near an old support zone (10.00–9.00) – This could slow down the fall or cause a bounce.
• If 9.00 breaks, the next strong support is around 8.50.
• Momentum is bearish – No signs of reversal yet.
If Price Goes Up from Here (Reversal Scenario)
• Price may bounce around 10.00 or 9.00.
• If that happens, watch for a move back up to 10.98 (the level it broke).
• If it breaks above 10.698, the next upside target is around 12.42.
If Price Keeps Dropping (Continuation Scenario)
• If price drops below 9.00, expect a move toward 8.50.
• If that breaks, the next support is around 7.00, and then possibly 5.70.
What Is More Likely?
• Right now, it looks more like the price will keep going down.
• No bullish candle has formed yet, and momentum is negative
• Until price shows a clear bounce, I expect further drop toward 8.50.
• The price is now around GHS 10.23, sitting on a zone where price bounced in the past.
• Key fib support zone 0.786 (10.698 GHS) — broken.
• Key fib support zone 1.000 (8.50 GHS) — next likely support.
• Current price is near an old support zone (10.00–9.00) – This could slow down the fall or cause a bounce.
• If 9.00 breaks, the next strong support is around 8.50.
• Momentum is bearish – No signs of reversal yet.
If Price Goes Up from Here (Reversal Scenario)
• Price may bounce around 10.00 or 9.00.
• If that happens, watch for a move back up to 10.98 (the level it broke).
• If it breaks above 10.698, the next upside target is around 12.42.
If Price Keeps Dropping (Continuation Scenario)
• If price drops below 9.00, expect a move toward 8.50.
• If that breaks, the next support is around 7.00, and then possibly 5.70.
What Is More Likely?
• Right now, it looks more like the price will keep going down.
• No bullish candle has formed yet, and momentum is negative
• Until price shows a clear bounce, I expect further drop toward 8.50.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.