Title
USDCHF H1 | Bearish Continuation expected
Type
Bearish Drop
Preference:
Price is currently at the pivot point of 0.8803, an overlap resistance level. A reverse from this level could lead the price to fall to 1st support at 0.8751.
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 0.8845, a pullback resistance It's worth noting that price is within the bearish channel line, indicating a bearish continuation towards the 1st support level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.