USD/CHF: a textbook pattern has been formed. What is next?
As it can be inferred from the 2D-timeframe development on USD/CHF, the price has been trading within the borders of the descending parallel channel that is illustrated on the graph. Hence, our sentiment is bearish.
After witnessing some price development (printing wick candles and showing signs of a bearish reversal), the market tricked sellers into making executions, after which a massive bullish candle rushed towards the upside and wiped out the early bears.
According to our technical analysis, we are expecting for bearish moves to resume from here on and reach the target zone that has been mapped on the graphic in the middle to long run.
After witnessing some price development (printing wick candles and showing signs of a bearish reversal), the market tricked sellers into making executions, after which a massive bullish candle rushed towards the upside and wiped out the early bears.
According to our technical analysis, we are expecting for bearish moves to resume from here on and reach the target zone that has been mapped on the graphic in the middle to long run.