Bearish USDCHF - 05 December 2024

EURUSD Forex

USDCHF

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 1 Hour time frame chart supports USDCHF Bearish bias. A break of 0.88150 will support the fall towards the target of 0.87820 the break of 0.87820 would push the price to 0.87600.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 0.9007
Support S1: 0.9005, S2: 0.9003 , S3: 0.9001
Resistance R1: 0.9009 , R2: 0.9011 , R3: 0.9013

Brokers

Open account

Summary

Instrument :

USDCHF

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

60%

Entry Level :

0.88150

Activation Time :

2024-12-05 14:00

Age :

6 Bars

Progress :

100%

Close Time :

2024-12-05 19:00

Time Frame :

1 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

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Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.