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USD/CHF: The Bear continues its run

USD/CHF has been bearish in the daily chart. The price has been heading towards the South with good bearish momentum. Yesterday’s candle came out as a bearish candle having no lower spike. Thus, the sellers may keep their eyes in the pair to go short and drive the price towards the South. Major intraday charts look bearish as well. Let us now have a look at three vital charts.

Chart 1 USD/CHF Daily Chart



The chart shows that the price had a rejection at 0.94650 and produced a bearish engulfing candle. It has been heading towards the South with good bearish momentum. On its way, the pair produced only one doji candle. Yesterday’s candle suggests that the price may go towards the South further. The sellers may wait for the price to consolidate and produce a bearish reversal candle to go short with a better risk-reward. The price may find its next support at 0.90500.

Chart 2 USD/CHF H4 Chart



The chart shows that the price made a breakout at 0.91550 and traded below the level for several candles. The sellers may wait for the price to consolidate around the level and produce a bearish reversal candle closing below consolidation support to offer them a short entry. The price may head towards the South and find its next support around 0.90750. On the contrary, if the price makes a bullish breakout at the level of 0.91550, it may consolidate again around the level of 0.91600.

Chart 3 USD/CHF H1 Chart



The H1 chart shows that the price made a breakout at the level of 0.91400. Upon having a bounce at 0.91150, it headed towards the North. The level of 0.91400 has been working as a level of resistance. The level has already produced a bearish engulfing candle. The sellers may go short and drive the price towards the level of 0.91150 again. A breakout at that level may create bearish momentum, and the price may head towards the level of 0.91000. On the contrary, if the price makes a breakout at the level of 0.91400, the buyers may push the price towards the level of 0.91500.

The daily chart is very bearish biased, but the sellers may wait for the price to consolidate and go short with a better risk-reward. The H4 and the H1 chart are ready to get bearish upon breakout at the lowest low. Considering these three charts, the pair may end up producing another bearish candle on the daily chart.

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Thursday, 30 Jul, 2020 / 7:49

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