Like my recent Forex major and cross pairs, it’s been a while as well that I have written my share thoughts on USDCHF.

Here’s my previous analysis which has a wrong title in USDCAD:

https://www.finlogix.com/analysis/20220908/usdcad-bulls-inverse-head-and-shoulder-attempts

It has ended in a stop loss long ago. Feel free to read it. Thanks!

There is no major economic report for Switzerland that will impact the Swiss Franc currency (CHF) today.

Let’s have a look at USDCHF’s high time frame candlesticks:

Yearly Candle: Green Body with Short Head Wick

Monthly Candle: Green Body with Equal Head and Tail Wicks

Weekly Candle: Previous close was a Green Long Upper Shadow with ½ Body Size current is a Red Long Legged Doji

Daily Candle: Yesterday’s close was a Green Long Legged Doji with Small Body current is forming a Semi Red Gravestone Doji

The yearly and monthly continues to recover since last year’s December bottom, it’s been 2 months of green candles. However, the weekly and daily candles are hinting trading ranges to end the week, cooling down the buying pressures in the last 3 weeks.

Friday’s candlestick can evolve into an inverted hammer.

At time of writing, the US Dollar DXY index is facing some rejections on the 104 again.

Technically, the USDCAD is also facing the 4H 50-SMA as a resistance with the 100 and 200 SMAs waiting as supports.

The 0.8890 level is rejected this month becoming a clear resistance from last October 2023’s support.

I think we are seeing a 4H ascending channel! I don’t like this setup at all.

I am focusing sell setups only for USDCHF. It’s very DXY dependent and seeing the ascending channel, price might go lower again since 0.89-0.90 is now a flipped S/R level.

I think I am going to set an advanced sell position not waiting anymore for a confirmation of a drop. This is an aggressive strategy so please beware to mimic my strategy.

I missed the optimal short entry but I still proceed to short USDCHF but keep an eye on the mini consolidation box that triggers next move.

2 risk:reward score only. I am bearish for the USDCHF.

USDCHF Intraday Analysis and Trading Plan For February 23, 2024

Feb 23 2024

Entered -0.28%

Holding time 384d8hr

0.88200

Current price

0.89670

Stop loss price

1