USDCHF: Bearish Outlook Explained 🇺🇸🇨🇭

10 giu 2023

USDCHF is trading in a bearish trend since October 2022.
Reaching 0.88 level, the market set a new lower low and started a correctional movement.
The price started to steadily grow within a bearish flag pattern.

At the end of May, a solid horizontal supply area was reached. The market started to consolidate on that.
A bearish movement initiated then. The market broke and closed below a support line of a flag.

I believe that it is the sign of strength of the sellers and a bearish wave will initiate soon.
For entries, consider an occasional retest of a broken support of the flag.

Goals: 0.896 / 0.89

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