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USD/CHF Potential Downward Movement

Key Resistance Levels: 0.8917, 0.9036, 0.9090

Key Support Levels: 0.8824, 0.8700, 0.8500

USD/CHF Price Long-Term: Bearish

Daily Chart:

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

4-hour Chart:

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.

Signal Idea:

Sell Order @ 0.8885

TP 1 @ 0.8846

TP 2 @ 0.8824

Stop Loss @ 0.8905

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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