USDCHF - Downward trend will continue, Short trade by market price recommended

November 8, 2022 10:24:11 AM by Alex Zarevich
Forecast Details
PairUSDCHF
Direction Sell
StatusClosed (0.9800)
10:24
10:24
Nov. 8, 2022

-80 p
0.9970
Stop Loss
0.9890
Entry
+90 p
0.9800
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on USDCHF. As a result, we recommend considering only Short trades at this time.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
  4. We should set the target of our trade at the closest level with a large number of Stop orders, as signaled by the SLC indicator.
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