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MEX_Exchange

USDCHF testing major resistance in a descending channel, bearish

Short
U.S. Dollar / Swiss Franc (FX:USDCHF)  
MEX_Exchange  
FX:USDCHF   U.S. Dollar / Swiss Franc
Trend Analysis Harmonic Patterns Chart Patterns USDCHF USD chf usdchfanalysis usdchfshort usdchflong usdchfidea usdchfprediction Forex
70
0
trendanalysis harmonicpatterns chartpattern usdchf usd chf usdchfanalysis usdchfshort usdchflong usdchfidea usdchfprediction forex
Sell below 0.9762. Stop loss at 0.9787. Take profit at 0.9708.
Reason for the trading strategy (technically):
Price is testing major resistance at 0.9762 (Fibonacci retracement, horizontal overlap resistance, descending channel momentum) and we expect further bearish action from here to push price down towards 0.9708 support (Fibonacci extension, horizontal swing low support)
RSI (34) sees a descending resistance line provide bearish momentum in pushing price down.
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