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USDCHF : A Double Top Pattern Signaling a Bearish Trend

USDCHF : Daily Chart

USDCHF today found support from .9050 which previously also acted as support for the pair after declining from the support trend line of the rising channel. Dollar is strengthened against Swiss Franc even after the upbeat Swiss Retail sales data according to which the retail sale in June rose 3.4% beating the economist’s expectations for a .3% gain.

On the Daily chart, a double top pattern has been formed according to which the uptrend seems fading away and the pair is not able to hold the price higher so it should decline below the support at .9050. A decline below this level will pull the pair down to another support at .9006.

USDCHF : 4 Hour Chart

On the 4 hour chart, the pair has now started following a descending triangle trend. So we the pair will not rise above the falling resistance trend line showing that the pair is not able to hld price high. The pair therefore should decline below the key support at .9050 confirming a bearish trend on the pair.