USD/CHF (a 4 hour chart)
Last week the dollar/franc also corrected to the critical line, and even overcame it, but then completed the correction and it is now trying to resume a downward movement.
The current sell signal is confirmed and strong, as Chinkou span is above the price and the pair is below the Cloud.
The pair is being traded in a range 0.9344 - 0.9270. The first downtrend target is the support level 0.9270.
Chinkou Span is below the price that confirms the sell signal and indicates a bullish sentiment of the pair. Kijun-Sen and Tenkan-Sen are directed downwards, both lines are horizontal The Cloud is directed down.
Bollinger Bands indicator formed a fixed downward channel.
MACD is growing in a negative area.
The pair approached the downtrend line on the four-hour chart, so there are two possible scenarios: an overcoming trend upwards and growing to the level 0.9385 or the falling from the trend line to 0.9270 support level.
It is unclear what scenario is preferable as there is no clear trend. However, the sequence of reduction of local minima and maxima of the pair is not broken, the trend line as well - thus it is more likely to fall. ‘