Hi Traders! USDCHF sell opportunity update and follow up is here. In the previous post here I mentioned “On the H1 chart the price is moving inside a channel, this channel is formed by the uptrend line and an alternative trend line. Currently the price has reached the top of this channel and we have got multiple false breaks with bearish divergences which we may consider as evidences of bearish pressure. In addition to this the price has now reached the psychological level 1. Hence everything looks good here for the bears and we may expect continuation lower”. Lets see how this setup has developed now.
USDCHF H1 Chart:
On the H1 chart the price moved exactly as per our plan, it moved lower from the critical zone and reached the bottom of the channel. The price then broke below the bottom of the channel and moved lower further. We have collected nice profits so far. We may look for sells until the price holds below the bottom of the channel.
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