USD/CHF - 2nd Bear flag forming after breakdown of previous...
- USD/CHF looks to be in a well established downtrend now
- After a bear flag formation last week the pair successfully broke down to create a lower low
- Within this bear flag the previous swing low support prior to its formation, formed the new resistance level within the pattern
- This may be repeating itself within the second bear flag being formed at the moment
- We will have to see if price successfully rejects this level as resistance and breaks down through the bear flag pattern
*** For this second bear flag to be valid we would need to see price break through the lower ascending trend-line support
*** If price were to break higher through both the previous support turned resistance, as well as the ascending trend-line resistance of the pattern this would invalidate it
THIS NOT TRADE ADVICE NOR A TRADE CALL
- After a bear flag formation last week the pair successfully broke down to create a lower low
- Within this bear flag the previous swing low support prior to its formation, formed the new resistance level within the pattern
- This may be repeating itself within the second bear flag being formed at the moment
- We will have to see if price successfully rejects this level as resistance and breaks down through the bear flag pattern
*** For this second bear flag to be valid we would need to see price break through the lower ascending trend-line support
*** If price were to break higher through both the previous support turned resistance, as well as the ascending trend-line resistance of the pattern this would invalidate it
THIS NOT TRADE ADVICE NOR A TRADE CALL