While forming a bearish pattern on the USDCHF 1H chart, the price reached and tested the previous key level around 0.88600 before dropping. This also aligned with the Fib 0.618 level. The pattern has now broken, and the price is currently retesting the 0.88394 level. It appears likely to drop further towards the 0.87322 zone, which is both a key level and the starting point of the previous pattern. Volume also aligns with this level.
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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.