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USD/CHF Potential Downward Movement

USD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.8990, 0.9046, 0.9092

Key Support Levels: 0.8931, 0.8890, 0.8855

Daily Chart:

The price on the daily time frame is in a clear downtrend where it posted lower lows, and highs. Recently, the pair violated the daily support (now resistance) around the 0.8990 USD mark. It succeeded to break it and close below it which could lead to a further downside movement in the same direction of the main trend.

USD/CHF Medium-Term Trend: Bullish

4-hour Chart:

On the lower time frame, the price is trading inside a bearish flag formation, where the pair is forming a bearish head and shoulders. This could lead to a downward movement which might breaks the flag formation to the downside  and continue its movement all the way down to the target profit.

Signal Idea:

Sell Limit Order @ 0.8989

TP 1 @ 0.8934

TP 2 @ 0.8890

Stop Loss @ 0.9016

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.

2 comments

  1. Dear forexrobotnation, this trade lost. I suggest to update the results of the trade would be more convicing.

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