Hi Traders! We have USDCHF bearish opportunity forming at the moment. A detailed analysis of this sell setup is as follows:
USDCHF D1 Chart:
On the daily chart we have a good uptrend line that has formed and the price which was respecting it so far has currently broken below it, we may consider this as an evidence of bearish pressure. In addition the price has also broken below the strong support zone of 0.99 which is also a psychological round number, we may consider this as another evidence of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
USDCHF H4 Chart:
On the H4 chart there are a few strong levels on the way, with the parity level (blue line) being the strongest one. I’m looking for sell setups with bearish evidences around any of those levels.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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