USD/CHF: double Top pushing the price downside
|USD/CHF produced a bearish pinbar last Friday on the daily chart. The H1 chart has been bearish after producing a double top. As of writing, the pair is trading right at last day’s lowest low. If the price keeps going towards the South and makes a breakout at the level, the sellers may get a short opportunity to grab some green pips.
The chart shows that the price has found its double top resistance at the level of 0.97355. At the last rejection, the chart produced a bearish engulfing candle and consolidated for a while. The price gets bearish again and heads towards the South. If it makes an H1 breakout at the level of 0.97200, it may head towards the level of 0.96950.
Trade Summary
Entry: Sell below 0.97200
Stop Loss: Above 0.97355
Take Profit 1: 0.96950
Take Profit 2: 0.96850
Take Profit 3: 0.96720
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