USD/CHF Price Analysis: Bears looking for a 50% mean reversion
|- USD/CHF is offering the prospects of a day trading opportunity to the downside.
- Bears monitoring for a break of 15-min support.
USD/CHF is on the verge of a downside correction and the following illustrates where a trade opportunity is in the making as follows:
Daily chart
The price has deteriorated from resistance and the focus is on the downside to a 50% mean reversion confluence with the W=formation's neckline and top of the wick.
1-hour chart
From a 1-hour perspective, the conditions are bearish and bears can look for an entry at this juncture.
15-min chart
However, for additional conviction, the 15-min chart's support needs to give way first.
Bears can seek a discount on a break and restest of the structure for a 2.5% risk to reward set up with a stop loss placed above the hourly correction's highs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.