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USD/CHF Potential Downward Movement

USD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.9181, 0.9373, 0.9463

Key Support Levels: 0.9042, 0.8921, 0.8852

Daily Chart:

The price on the daily time frame was in a clear upward movement and bouncing inside a bullish channel formation, then it posted a bearish divergence which led to a change in the direction from an uptrend to a downtrend.

USD/CHF Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price is posting lower lows and highs signaling that the trend is to the downside. The pair managed to break the 0.9181 USD support and retrace to it. Further sell pressure is expected in the coming hours.

Signal Idea:

Sell Stop Order @ 0.9135    

TP 1 @ 0.9047

TP 2 @ 0.8921

Stop Loss @ 0.9173

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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