USDCHF – since the beginning of the year, the pair has been in a bullish trend and on 26.04 set the maximum for that year at 1.0236, gaining 520p. After reaching this year’s maximum, the quotations started to fall and after overcoming the strong demand zone at 1.0125 the quotations dropped to 1.0050. Since then the price moves in a consolidation in the Inside Bar formation, the quotations have not yet overcome either the upper or the lower limit of the “mother” candle of May 13.
Currently, the price after the next negation of the upper IB limit is heading south and if it breaks the lower IB limit, it will be a classic pattern of continuation, according to Price Action rules.
Swiss Franc belongs to the group of instruments classified as “safe heaven” and usually gains in value when there is anxiety on the world markets when the risk increases. Certainly, such factors include the tension resulting from the US-China customs war or the threat of military conflict in the Middle East (USA-Iran). The macroeconomic situation and the above encourage me to be bearish and expect further declines.
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