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USDCHF, Candlestick Analysis

9/6/2022 11:12 AM


On the four-hour chart, at the resistance level of 0.9830, there is the formation of a reversal candlestick analysis pattern Dark-Cloud Cover, as well as a Shooting Star pattern, signaling a shift in forces towards sellers. In addition, it is worth noting the appearance of two Hanging Man patterns at once, which confirm the achievement of the top by the asset, and the Doji pattern above the level of 0.9770, which warns of uncertainty in the market and an imminent trend change in the USD/CHF pair. Thus, the most likely scenario is the asset's decline to the support level of 0.9693, the overcoming of which will intensify the negative dynamics up to the level of 0.9383. An alternative scenario is possible if the "bulls" manage to consolidate their positions above the resistance level of 0.9830, then the price may recover to the zone of 0.9944–1.0064.


On the daily chart, a Long-Legged Doji candlestick pattern is being formed, which notifies of a price reversal at the top, as well as a Bearish Engulfing pattern, signaling a loss of control over the market by buyers. In the current situation, most likely, the asset will go down to the support level of 0.9693, the overcoming of which will allow quotes to continue moving towards the area of 0.9500–0.9383.

Support levels: 0.9693, 0.9500, 0.9383. | Resistance levels: 0.9830, 0.9944, 1.0064.

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