USDCHF has been in a bearish decline after breaking the 0.9900 support level. This came following the larger descending triangle pattern. The downside target was 0.9500, but price action is showing signs of a reversal.
The reversal patterns comes on the descending wedge which is still evolving. So far, three contact points have been made. Expect a near term gain and then a decline back to 0.9615 region.
Taking long positions here with stops at 0.9545 gives a good RR, targeting 0.9900 where resistance could develop.
Alternately, a break down below 0.9545 could signal a decline down to 0.9500 which will complete the descending triangle pattern.
The reversal patterns comes on the descending wedge which is still evolving. So far, three contact points have been made. Expect a near term gain and then a decline back to 0.9615 region.
Taking long positions here with stops at 0.9545 gives a good RR, targeting 0.9900 where resistance could develop.
Alternately, a break down below 0.9545 could signal a decline down to 0.9500 which will complete the descending triangle pattern.
Trade active:
Entry price is hit.