USD/CHF possible price decrease

19.10.2017 / 00:58

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Forex forecast / USD/CHF / Our expectations

Longterm downtrend, the price entered in consolidation in the middle ot 2017 and now is in the upper part of the channel in proximity of diagonal and horizontal resistance and FiBo 61.8. Price action signal: Tweezers at levels of diagonal resistance and FiBo 61.8. The price made fake break out of SMA 200 and afterwards pulled back below the moving average which is considered negative signal. Technical indicator: CCI(50) - In zone of overbought and turning down - when break level 100 the negative sentiment will be confirmed.

Alternative scenario: If the price breaks below the zone of resistance, the negative scenario will be dismissed.

SL: 0.9850

Trader Bozhidar Arabadzhiev

Varchev Traders

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USD/CHF possible price decrease

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