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USD/CHF: bearish direction. Road to 0.916?

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Dólar Americano/Franco Suíço (OANDA:USDCHF)  
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OANDA:USDCHF   Dólar Americano/Franco Suíço
Support and Resistance Head and Shoulders Supply and Demand USDCHF priceaction Technical Analysis Forex forextrading investroy
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supportandresistance headandshoulders supplyanddemand usdchf priceaction technicalanalysis forex forextrading investroy
After failing to continue growing above the 0.93 area of crucial resistance, the price has managed to initiate a decent drop and close below the 0.926 zone of previous support that now acts as resistance. Looking at the higher-timeframe graphs, we may observe that the price has been able to print long and nice wick candles and reject this local area of resistance. Thus, we believe that the sentiment of USDCHF is strongly bearish and that the price will continue dropping.

Our initial target has been highlighted on the graph (0.916 level of support). Once that mark is reached, we will look into adding further short positions upon a pullback/correction.

Have a great rest of the day!

Investroy
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