USDCHF: Slipped Back Below Rectangle, Bearish Threat Comes into Sight Again
USDCHF: Slipped Back Below Rectangle, Bearish Threat Comes into Sight Again
The USDCHF pair slides back below the rectangle formation as you can see on my daily chart below, suggests another potential bearish momentum aim for a downside reversal/correction. Nonetheless, we need a break below the “tail” of the bullish pin bar printed last week located at 1.0125 to affirm the bearish scenario with nearest technical objective lies at 1.0075.
The bias is bearish in the near term. Immediate resistance is seen around 1.0175. A clear break and a daily close back above that area would lead price to neutral zone in the near term testing 1.0215 area but key resistance remains at 1.0236 which need to be broken to the upside to continue the bullish scenario.
On the downside, a decisive break below 1.0125 would affirm the bearish technical setup strengthening the case for a potential drop to target firstly 1.0075, secondly 1.0035 and finally 1.0000 which from current context located just above the daily EMA 200.
Source: https://fxinstructor.com/blog/usdchf-slipped-back-below-rectangle-bearish-threat-comes-into-sight-again
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