I have been watching this pair for the past few weeks and its been BULLISH for too long! Who doesn't agree??? The chart looks CRAZY from the past few weeks... but FINALLY as sign of the BEARS as we hit the MAJOR MONTHLY RESISTANCE AREA 1.0060 and prices failed to break that which made this pair go into consolidation. We can possibly see a major correction down to the .96500-.95500 level.
At the moment it does look like a BEAR FLAG is forming but we need to break the 1.0000 support level as I feel for USD/CHF to keep going down.. (as we did break the level which now looks like a retest is happening before market closed)
I want to see this pair go back down to .96500-.95500 level then make its move back up!
Fib 50% = .96500
Fib 61.8% = .95500
Here the 1hr chart
At the moment it does look like a BEAR FLAG is forming but we need to break the 1.0000 support level as I feel for USD/CHF to keep going down.. (as we did break the level which now looks like a retest is happening before market closed)
I want to see this pair go back down to .96500-.95500 level then make its move back up!
Fib 50% = .96500
Fib 61.8% = .95500
Here the 1hr chart
Note
Looks like this week we did go bearish with some within consolidation as we making high lows within the 1hr timeframe. Here is one scenario that would be nice for it to play out as we also need to break some of the support levels.Note
update as its following nice channel in the bear trend
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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.