Sep 15, 2020, 9:14:03 AM
USD/CHF: technical analysis
Current trend
The USD/CHF pair is in a global downtrend and is trading at 0.9060.
Since the beginning of the week, the price has returned to the global downwards channel after a short growth, and in the local perspective, it completes the formation of the Head and shoulders reversal pattern, the implementation of which may lead to a deeper decline. Technical indicators maintain a stable sell signal: the fluctuation range of the Alligator EMA is expanding downward, and the AO oscillator histogram is trading in the negative zone.
Support and resistance
Support levels: 0.9050, 0.9000.
Resistance levels: 0.9100, 0.9180.
Trading tips
After decline or consolidation below the local minimum at 0.9050, it is relevant to open sell positions with the target at 0.9000. Stop loss is around 0.9070, behind the local maximum.
After a reversal and growth or consolidation above the resistance level at 0.9100, buy positions with the target at 0.9180 will be relevant. Stop loss is 0.9070, below the local maximum.
Implementation period: 3 days.
Scenario
-
Timeframe
Weekly
-
Recommendation
SELL STOP
-
Entry Point
0.9050
-
Take Profit
0.9000
-
Stop Loss
0.9070
-
Key Levels
0.9000, 0.9050, 0.9100, 0.9180
Alternative scenario
-
Timeframe
Weekly
-
Recommendation
BUY STOP
-
Entry Point
0.9100
-
Take Profit
0.9180
-
Stop Loss
0.9070
-
Key Levels
0.9000, 0.9050, 0.9100, 0.9180
