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Higher time frames are trending bearish. The weekly is developing a bearish engulfing. If that were the closure in 3 days' time, it would be a new weekly low, which is a strong higher time frame indication of the selling power in the market. The daily has recently crossed all the moving averages and MA 20 stands as a strong moving resistance. On 1-hour bearish engulfing candlestick closure to confirm entry, we might expect a pullback to the previous area of resistance before a continuation move towards the downside. Hedge funds are selling off both currencies. CHF is currently at a 52-week low.
Higher time frames are trending bearish. The weekly is developing a bearish engulfing. If that were the closure in 3 days' time, it would be a new weekly low, which is a strong higher time frame indication of the selling power in the market. The daily has recently crossed all the moving averages and MA 20 stands as a strong moving resistance. On 1-hour bearish engulfing candlestick closure to confirm entry, we might expect a pullback to the previous area of resistance before a continuation move towards the downside. Hedge funds are selling off both currencies. CHF is currently at a 52-week low.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.