• Oct 17, 2024
  • Trade ideas

USDCHF: Decline Ahead!

USDCHF, H2

USDCHFH2.png

On the H2 timeframe, USDCHF navigates within a rising wedge pattern and faces the 0.8640 support at the pattern’s lower border.

The Momentum and MFI oscillator shows a bearish divergences, giving a strong bearish sentiment for the asset!

  • Consider a short trade on a breaking and consolidation below 0.8640 support, with the target at 0.8610 and 0.8580.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul