On a 4-hour chart the USD/CHF pair has formed the “Evening Star” candlestick combination, signaling the fall. This combination of candlesticks was formed after the pair had failed to break the resistance level of 1.17 and the bears started to give the tone to the trading session.
If USD/CHF breaks the support level of 1.1450, this will confirm that our viewpoint is correct. Moreover, breaking through this mark will bring to a descend to the following support level of 1.1271 with further target at the level of Fibonacci correction of 61.8.
Nevertheless, if the pair makes a retrace and gets through the resistance level of 1.17, it will be necessary to re-open positions, as in this situation USD/CHF will be able to make an upmove to 11-month high of 1.1740.
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