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USD/CHF Potential Downward Movement

USD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.9373, 0.9440, 0.9500

Key Support Levels: 0.9210, 0.9044, 0.8920

Daily Chart:

The price on the higher time frame was in a clear uptrend before reaching a strong resistance around the 0.9440 USD level. The price reversed and broke the uptrend to the downside. A further downside movement is expected toward the 0.9210 USD mark.

USD/CHF Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, the price is trading inside a bearish channel. The pair posted a correction count to the resistance level where it found some sellers. We have a 61.80% Fibonacci retracement level @ 0.9268 USD that pushed the price to the downside.

Signal Idea:

Sell Market Order @ 0.9252

TP 1 @ 0.9212

TP 2 @ 0.9044

Stop Loss @ 0.9268

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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