USD/CHF: The monthly time frame is now Bearish as the bullish Ascending

Tian Kriek

Analyst


August 21, 2019 05:23 AM

BEARISH

Daily Trading Range:
USD/CHF: The monthly time frame is now Bearish as the bullish Ascending Triangle pattern support has been broken to the downside. As long as investors flock to safe havens the CHF basket will continue to strenghten. The weekly time frame is also Bearish and I can see a Bearish Crown formation with the D at 0.9450. There is also a Bearish Crown on the 2 Hour Chart however the right tip has been established. The 2 Hour D is at 0.9500 about 200 pips away. I decided to place a sell trade with 0.5% exposure

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.9960
Resistance 2: 1.0000
Resistance 1: 1.0300
Current Price 0.9799
Support 1: 0.9600
Support 2: 0.9500
Support 3: 0.9000

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?