the daily chartist

USD/CHF with the Bearish wedge

published 3 years ago

 The Buck may flex against the Yen, but against the Swissy it loses steam a bit. Indeed it has breached 1.0000 reaching a high of 1.00660, the pair stalled there as it was enough for the Bulls to express their control over the pair. Level 100  Fibo was adjusted to the new high and now the pair is trading in consideration with the new levels. Currently, as the price falls it has tested 61.8 and breached it and level Fibo 50 will need to prove if it's going to limit the movement down or give new strength to the Bulls. For me, the currency pair is trading within a Bearish range with a potential breach on the 50 Fibo level with an idea to short there, SL above the 50 Fibo. Movement down will be followed with a test on the 38.2 and 23.6. For me, a target on the breach will be 0.98000.