USD/CHF Bearish Gartley Pattern Indicates Potential Downtrend
Mis à jour
The USD/CHF currency pair is forming a Bearish Gartley Harmonic Pattern, signaling potential downward movement. This pattern is aligning with a key resistance area, adding further confluence to our bearish outlook.
Key Resistance and Trendline Confluence:
Price action has shown a strong rejection at a key resistance level, which coincides with a downward trendline and the 78.6% Fibonacci retracement level. This confluence of technical indicators strengthens our bearish sentiment for the USD/CHF pair.
Entry and Stop Loss:
Given the current market conditions and the formation of the Bearish Gartley Pattern, our entry point is set at 0.89442. To manage risk, a stop loss is placed at 0.89864, slightly above the resistance area to account for potential market fluctuations.
Take Profit Levels:
We have identified three key take profit levels based on historical support areas and Fibonacci extensions:
Analysis Summary:
The alignment of the Bearish Gartley Harmonic Pattern with the key resistance area, trendline, and the 78.6% Fibonacci level provides a high-probability trading opportunity. The rejection at these confluences suggests potential bearish momentum, making this a suitable trade setup with well-defined entry, stop loss, and take profit levels.
Traders should monitor the price action closely around these levels to adjust positions as necessary.
Key Resistance and Trendline Confluence:
Price action has shown a strong rejection at a key resistance level, which coincides with a downward trendline and the 78.6% Fibonacci retracement level. This confluence of technical indicators strengthens our bearish sentiment for the USD/CHF pair.
Entry and Stop Loss:
Given the current market conditions and the formation of the Bearish Gartley Pattern, our entry point is set at 0.89442. To manage risk, a stop loss is placed at 0.89864, slightly above the resistance area to account for potential market fluctuations.
Take Profit Levels:
We have identified three key take profit levels based on historical support areas and Fibonacci extensions:
- TP-1: 0.89020
- TP-2: 0.88598
- TP-3: 0.88176
Analysis Summary:
The alignment of the Bearish Gartley Harmonic Pattern with the key resistance area, trendline, and the 78.6% Fibonacci level provides a high-probability trading opportunity. The rejection at these confluences suggests potential bearish momentum, making this a suitable trade setup with well-defined entry, stop loss, and take profit levels.
Traders should monitor the price action closely around these levels to adjust positions as necessary.
Trade fermée: cible de profit atteinte
TP-1, TP-2 hit, We missed the TP-3 by a few pips.
Hold your trade with Trailing Stop Loss if you are aiming for the TP-3
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.