USD/CHF 0.9610 Possible If 0.9857 Holds

2 min read
Davin Wu

Davin Wu

Market Analyst and Educator

Dear Traders,

The USD/CHF has been in an extended downtrend since the start of the month. After a minor retracement, price now finds itself in an area of confluence. We might see a bearish rejection from either one of the POC zones.

Price is now at the first POC zone 0.9755-65 [4/8, D H4, W Cm, Order Block]. There is another POC zone 0.9783-93 [5/8, D H5, W H1, ATR Projection High, Order Block, Previous Swing High]. Retracement might end at either POC zones to make way for bearish continuation once more. Price Action candlestick configurations and CAMMACD signal is key when deciding which POC zone to pull the trigger. We are looking for bearish configurations like a Dark Cloud Cover, Hanging Man, Shooting Star, Engulfing Bar or in this case, a Bearish Harami might be enough for bears to take over.

Our targets are 0.9700 [2/8, D L3, Short Term Swing Low], and 0.9680 [1/8, D L4, W L3, ATR L1]. If price closes aggressively below that level, we might see momentum for price to reach 0.9640 [0/8, D L5]. Final target will be 0.9620 [-1/8, W L4].

This analysis only holds if 0.9042 holds [W H3, Order Block]

The analysis has been done with the
CAMMACD.MTF template.
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Many green pips,
Davin Wu aka AmbitionFX

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