On the weekly chart, long legged at 1.0260, 1.0168 and 1.0023 levels, and on 1.0177 levels on monthly plotting.
The at 1.0066 levels on the weekly chart. You could very well observe after the occurrence of these patterns, the current price slid range top line so as to come back in the range again (refer monthly charts).
After bulls losing momentum in the pair yesterday at the highs of 1.0140 levels, the prices tumble today of US preliminary GDP which is likely to bounce back from the previous flashes.
Observe yesterday’s candle which is in nature in conjunction with DMA crossover to signify the weakness in this pair, as a result, prices are tumbling back 21DMA today.
21DMA crosses over 7DMA which is a crossover if the price breaks below 21DMA (i.e. 1.0037) we expect more slumps.
You could also observe the shrinking buying momentum as the leading indicators on this timeframe, while the same leading oscillators are evidencing convergence to the considerable price declines on weekly terms.
While for major , MACD's crossover is substantiating the trend is likely to prolong further (refer weekly plotting).
Thereby, USDCHF major trend continues to drift into sideways but bias – Use mid-month to hedge.
Hence, at spot ref: 1.0048 we advocate arresting these risks by initiating shorts in contracts of mid-month expiries by keeping a strict stop loss at around 1.0197 levels.