FX.co ★ USD/CHF

Hello traders, I wish you a great Friday. The analysis of the movement of the currency pair US Dollar/Swiss Franc on the four-hour chart indicates that we have a primary signal to switch from an uptrend to a downtrend. Of course, the situation could be reversed by the bulls in case of a sharp change in market sentiment, but nevertheless, we can see that the last pair of local highs and lows, marked by the ZigZag indicator, are below the previous values. Moreover, there is a high probability that the next pair's high will also be in a descending sequence. Therefore, in this case, it will be possible to sell the USD/CHF pair in anticipation of further decline, at least to the mid-78 figure. Looking at the current situation, we can see that the bulls are struggling to develop a decent correction, being stuck at the level of 0.7910. However, the Stochastic currently indicates support for the bulls, and there is no new ZigZag indicator mark on the chart signaling the end of the rise. Hence, a retest of this level may occur in the near future. It is also possible that as part of completing this correction, the quotes will briefly rise to the resistance at 0.7935 - the pair's high from March 22, also marked by the ZigZag indicator. I believe the price will not go higher than that. Therefore, selling the pair from there with a stop-loss above the mid-79 figure could be a viable option.