USDCHF - Downward trend will continue, Short trade by market price recommended
May 24, 2021 1:13:13 PM
Forecast Details
PairUSDCHF
Direction
Sell
StatusClosed (0.896)
-60 p
0.9035
Stop Loss
0.8975
Entry
+55 p
0.8920
Target 1
+80 p
0.8895
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 11
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Chart & Analyst Comments
- 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.
- The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
- The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
- The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
- The first target is at the level of the previous bottom - 0.892, and the second one, in case of an active price decrease, is at the level - 0.8895
