Trader, analyst and instructor with a 6-year experience

USD/CHF under bearish dominance

Tatiana Norkina, FBS analyst

Yesterday the pair reached the 0.8910 bearish target after bouncing from 0.8950. Break below this support could open the way to 0.8850.

Ichimoku. Bears are dominating on the market. On the H4 chart there is a descending Cloud. Price fix below the Tenkan and Kijun lines could give more strength to the bears. The hourly trend also speaks in favor of selling the pair. The market is now consolidating around the key 0.8930 mark. Buying the pair seems to be a risky trade for now. 

Technical levels: support – 0.8850, 0.8910; resistance – 0.8930, 0.8940, 0.8950.

Trade ideas:

1. Sell — 0.8930/0.8940; SL — 0.8960; TP1 — 0.8850.

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