- USD/CHF is offering the prospects of a day trading opportunity to the downside.
- Bears monitoring for a break of 15-min support.
USD/CHF is on the verge of a downside correction and the following illustrates where a trade opportunity is in the making as follows:
Daily chart
-637492939837741468.png)
The price has deteriorated from resistance and the focus is on the downside to a 50% mean reversion confluence with the W=formation’s neckline and top of the wick.
1-hour chart
-637492936140564133.png)
From a 1-hour perspective, the conditions are bearish and bears can look for an entry at this juncture.
15-min chart
-637492938747438740.png)
However, for additional conviction, the 15-min chart’s support needs to give way first.
Bears can seek a discount on a break and restest of the structure for a 2.5% risk to reward set up with a stop loss placed above the hourly correction’s highs.
