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USD/CHF : Will the Bearish Trend Continue?


A bearish signal can be seen on USD/CHF 1 hour chart. There is a strong support at 0.8957 and the pair is consolidating between this support trend line and a downward sloping trend line. A descending triangle drawn on the chart gives a bearish signal that the pair may breakout from the support trend line and continue to follow the trend. If the pair does not break out from the support, it may reverse the downtrend and move in an upward direction. Breaking above the resistance trend line could reverse the current trend. We will wait for the breakout before opening a position.