USDCHF is showing signs of further bearish movement.
As you can see price has currently found resistance at the upper level of the falling channel creating a double top reversal pattern.
Additionally, we have a significant ascending support line (blue) that has been broken to the downside.
Overbought RSI with clear divergence also suggests a trend change.
Entry: I plan to sell the retest of the broken structure level.
Take a look at the previous bearish impulse (pink) and pay attention to how price reacted after breaking the ascending support level (blue). We have a clear retest of structure before price continued down.
Stop Loss: My stop loss will be set above the most recent level of resistance 1.01, where price formed a double top.
Take Profit: My take profit target will be based on the 1.272 extension of the larger bearish impulse leg, as well as the most recent level of support.