Slow downward movement for USDCHF
Updated
There is a convergence of pitchfork lines at 0.982 ( where the second higher flag is placed ). So this is where I expect the price to move. The rationale behind this line of thought stems from the fact that no less than 3 lines meet at that point. Furthermore, the first flag, which sits on the convergence of 3 lines, was the point where the price reversed.
Note
Though I did predict that price would fall, I expected a far more gradual weaking. In hindsight, I was a bit naive with my prediction, and I now notice 3 things that I should taken cognizance of :1. The fall from the median line to the first flag was steep, characterized by 3 beltholds with very small upper wicks - This is an indication that the bears at the median line were very strong at the median line.
2.Price price did not even rally to the median line this time and instead stopped at the lower resistance
3.A doji formed at the resistance followed by an inverted hammer, showing that after a brief fight, the bears had won.
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