Double top on USD/CHF

Double top on USD/CHF

The current technical pattern indicates a possible correction of the USD/CHF currency pair after significant growth over the past month. At the moment, the trading instrument is consolidating near the resistance level of 1.00550. On the hourly chart, a classic reversal figure of the technical analysis "Double Top" has been formed. Local support is the level of 1.00350. We recommend paying attention to this situation.

If the price fixes below the level of 1.00350, it is necessary to consider sales of USD/CHF. The immediate goal for profit-taking is a "mirror" support level of 1.00000. The movement is tending to 0.99600-0.99400. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.05.10

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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