The USDCHF pair has been trading within a Channel Down pattern since the May 12 High and today the price hit its top again. Trading above its 4H MA50 (blue trend-line) but still below the 1D MA50 (red trend-line), that maintains the medium-term bearish trend.
This is a strong bearish signal as it technically indicates that the new Bearish Leg is about to start. Support 1 at 0.80565 is a low risk Target. The previous 2 Bearish Legs have both gone for -3.40% declines, so technically the downside can be extended beyond Support 1.
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This is a strong bearish signal as it technically indicates that the new Bearish Leg is about to start. Support 1 at 0.80565 is a low risk Target. The previous 2 Bearish Legs have both gone for -3.40% declines, so technically the downside can be extended beyond Support 1.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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💰Free Channel t.me/tradingshotglobal
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.