Key Resistance Levels: 0.8917, 0.9036, 0.9090
Key Support Levels: 0.8824, 0.8700, 0.8500
USD/CHF Price Long-Term: Bearish
Looking at the daily chart, the price posted a correction count with a form of a flag, where the bulls managed to push the price toward the confluence zone between the daily resistance and the 61.8% Fibonacci retracement. This led to a move downward and the price managed to break the flag formation to the downside which shows that the sellers are overwhelming the buyers.
USD/CHF Medium-Term Trend: Bearish
On the 4-hour time frame, the pair managed to break the flag formation with “Wave 4” according to Elliott Wave Theory. The price posted a big bearish candlestick which might lead to a move downward to the 0.8846 level.
Sell Order @ 0.8885
TP 1 @ 0.8846
TP 2 @ 0.8824
Stop Loss @ 0.8905
Trade Safely 🙂