USD/CHF Potential Downward Movement

USD/CHF Long-Term Trend: Bearish

Key Resistance Levels: 0.9875, 0.9922, 0.9977

Key Support Levels: 0.9779, 0.9721, 0.9678

Daily Chart:

The price on the higher time frame was trading in an uptrend and recently it has reversed direction after facing resistance at the 1.0050 level. It has been rejected after testing that area and broke a support level of 0.9868 which shows a bearish bias.   

USD/CHF Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. It has recently broken a consolidation zone of 0.9977 and 0.9922 and sustained below that. The pair has now broken and retested a minor level of 0.9875 before continuing the momentum.

Signal Idea:

Sell Limit Order @ 0.9835

TP 1 @ 0.9785

TP 2 @ 0.9710

Stop Loss @ 0.9885

Trade Safely 🙂