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Play safe with USD/CHF, railroad pattern retraces 23.6% fibo

FX:USDCHF   U.S. Dollar/Swiss Franc
166 0 4
On daily charts , the pair has tested supports near 61.8% retracements from peaks of 1.0328 levels to 0.9797 levels.

A resembling morning star pattern has formed to bounce back towards resistance at 0.9925 levels.

Volumes were shrinking away as every price declines.

When the pair travelled from the lows of 0.9475 to the steep highs of 1.0328 region it has almost retraced 61.8% where it is currently testing these levels as support zones (see daily charts ).

But the scenario is different on monthly charts, there exists real mystification of interpreting these technical charts.

It has been a continuous streak for dollar's gain against Swiss franc from July or so.

It has now shown the 23.6% retracement on monthly when the pair has travelled from the lows of 0.8299 to the peaks of 1.0328 levels.

As a result, a bearish railroad tracking pattern is likely as of now, so what we could read from these charts is that trend has just had just halted eyeing on some supports at this juncture.

Yet the current prices on weekly chart have fallen below moving average curve, this would signal us that the prevailing bearish trend to prevail for some more weeks.

The oscillators are working as per the trend accordingly, we don't see any significant divergence to the price behaviour.

While RSI has been converging these price slumps, the current RSI on monthly chart is trending at 56.6940.

To confirm this bearish view, %D crossover on slow stochastic curves has maintaining above 75 levels which is again signals us selling pressures are intensified.

Most probable scenario: The call for now is to buy at dips with its continued bull rallies for a targets at 0.9990

Adverse scenario: Alternatively, if the pair manages to breach below 0.9870 then 0.9795 is also a certain event.
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