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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, 0.8918, 0.8851

Daily Chart:

The price on the higher time frame succeeded to break the bullish channel to the downside and it also broken the 0.9181 USD mark. A higher correction was posted to the 0.9181 USD level, where we could see a drop again after the correction has been formed.

USD/CHF Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price broke the bearish flag to the downside, and also it posted a double top near the resistance level. After this move a downward movement could be seen toward the 0.9044 USD mark.

Signal Idea:

Sell Stop Order @ 0.9144    

TP 1 @ 0.9044

TP 2 @ 0.8918

Stop Loss @ 0.9193

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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