FX.co ★ blaise.rogahn | USD/CHF

Let's analyze the currency pair USD/CHF using technical analysis. The main focus will be on the levels of weekly pivot support and resistance, the basement indicator, and the indicator forming the 1-2-3 pattern. Let's concentrate on the chart.

Today, during the American trading session, the Vertex indicator signaled that the currency pair is overbought. This indicator signal can be interpreted as confirming and as a signal with divergence, which reinforces it. The 200 and 50 period moving averages show an upward trend, contradicting the signals of other indicators. Sellers managed to form the 1-2-3 pattern, indicating their intention to push quotes downwards. However, sellers have not yet confirmed the 1-2-3 pattern as there has been no breakthrough of the 0.79845 level, showing their weakness. In this situation, I prefer to wait for confirmation of the 1-2-3 pattern and a breakthrough of the 0.79845 level. Then, I will wait for the price to decrease to the weekly pivot support level at 0.79383, and after it consolidates below that level, I will open a sell position.