Sell USDCHF Channel Breakout

The USD/CHF pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined channel pattern.

Sell Entry: Consider entering a short position around the current price of 0.8827, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones: 0.8780 and 0.8751. Further downside targets could be determined using other technical analysis methods like Fibonacci retracements or extensions.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 0.8865. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

Comment:

Weaker US Dollar: The US Dollar (USD) has weakened slightly recently, potentially losing some ground due to the aforementioned risk aversion favoring safe-haven currencies.

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