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    Baxia Markets
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    June 05, 2021

    USDCHF is getting close to a breakout

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    USDCHF traders are facing something recently. The downward trend for the USDCHF has started at the end of March, as can be seen, the angle was steep but it seemed steady. However, recently, we observe the price stopped going down, and it hovers around 0.896. This is a signal that the price is getting tired of going down. It meets support here. Will the price go up here? 

     

     

    The price has already started the upward trend a little bit, however, it looks like a rising wedge. As we know, a rising wedge is a bearish signal. The rising wedge is almost finished. and the latest bar already broke the lower trendline. 

     

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    And that’s not all a rising wedge can do. A small range breakout is not enough, it still has a long way to go. The breakout already started. Stochastics goes down sharply, which just proves the downward trend.  RSI just shows the same thing, a bearish signal, it goes down at a big angle. The moving average stops going up. All of this bearish news is showing us that the price could crash down shortly. 

     

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