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USD/CHF| Possible Bearish Retracement

USD/CHF Long-Term Trend: Bullish

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Key Resistance Levels: 0.92585, 0.92649, 0.92712

Key Support Levels: 0.92084, 0.91911, 0.91709

4-Hour Chart:

We have seen a massive bullish cycle play out and are now trading slightly above a long term diagonal resistance line. I think long term we are likely to see stronger dollar as a result of this breakout, however, there needs to be a pullback before this move can proceed with strength.

USD/CHFMedium-Term Trend: Bearish

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1-Hour Chart:

Elliot wave suggests that we may be seeing an abode cycle play out, meaning that we are due for a retracement before we see bullish continuation.  We are also trading a resistance zone, which may aid in creating some bearish action.

Signal Idea:

Sell Market order @ 0.92572

TP 1 @ 0.92041

TP 2 @ 0.91707

Stop Loss @ 0.92857

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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