Conclusion for today’s USDCHF analysis:
Price closing below 0.95348 implies more selling with price targeting 0.91900.
USDCHF analysis is carried out using a candlestick chart on the 6 hour timeframe. Over a year of price action is displayed on the chart starting from February of 2018.
A rising wedge (diagonal) pattern is used to capture the meandering price action of the USDCHF from a price low of 0.91876 (February 16, 2018) to a price high of 1.02369 (April 26, 2019).
The bearish implication of the chart pattern was confirmed on June 3, 2019 as soon as price broke out and closed below the lower boundary of the wedge.
The 200 moving average is also plotted on the chart and is used here for added perspective and/or bias concerning trend strength and direction. Price trading below the moving average is bearish for the USDCHF.
Moreover, a price channel (tentative) is used on the chart as part of analysis of the ongoing sell off in the USDCHF after the April 26, 2019 price peak was achieved. The lower boundary of the channel at ~0.95348 is expected as the next target for the USDCHF.
A break below the lower boundary suggests even further weakness that allows for the USDCHF to target the origin of the wedge (i.e. February 16, 2018) price low of ~0.91876.
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