By Anton Eljwizat – Last week’ bullish movement of the USD/CHF cross hasn’t received much support as of late. Below, I will demonstrate that the USD/CHF pair has already commenced a downward trend for today, and the cross may tumble another 40-110 pips in the coming 2 days. Traders are strongly advised to take advantage of the trend at an early stage. Therefore, why not open short positions at an excellent price?
• Below is the daily chart of the USD/CHF currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• The Slow Stochastic indicates an impending bearish cross, signaling that the next move may be in a downward direction.
• The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• The Williams Percent Range has peaked at the 0 marker and has turned bearish; this means that there may actually be a strong level of downward pressure.
USD/CHF Daily Chart
Forex Market Analysis provided by Forex Yard.
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