USDCHF Channel Down rejection on the 4H MA50. Sell signal.

The USDCHF pair has been trading within a Channel Down pattern since March 08 High, with a Diverging Lower Lows trend-line supporting on the April 13 Low. For the past three days however, the 4H MA50 (blue trend-line) has been rejecting the price. That has been the standard short-term Resistance since March 22, so almost a full month.

As a result, it is more likely to see a bearish continuation within the Channel Down, targeting the Lower Lows again at 0.87890. This would complete a -2.41% drop similar to March 23, as the two fractals are quite identical, especially in terms on RSI.

If the price closes a 4H candle above the Channel Down though (0.236 Fibonacci), we will turn bullish instead and target first the 0.382 Fib (0.90835) and the 0.5 Fib (0.91500) in extension on a possible contact with the 1D MA50 (red trend-line).


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