USD/CHF Trading: Downside prevails

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USD/CHF Trading: Downside prevails

2:30 PM (EST) Update

USD/CHF Daily: Moving towards Second Target and Broke Below 50% Fibonacci Level. Moving within a falling channel.

Forex Trading idea: Short positions below Ichimoku‘s lower band and Fibonacci ‘s 50% targeting 0.9070 and 0.89 in extension.

Technical reasons why: The USD/CHF confirmed the break below the Ichimoku cloud as well as 50% Fibonacci level which was our key pivot point and previous bearish target. After testing above 50% Fibonacci for the second time, the pair opened below both support levels signaling again, further drops towards 38% Fibonacci at 0.9070

Alternative Scenario: Above 0.95 with no bearish confirmation, look for up-moves towards 0.97

Where to set your stops and limits on the Daily Chart:

Support Levels Turning Point Resistance Levels
0.9070 0.9500 0.97
0.8900 0.9286 1.009