USD Correction Extends

The USD price was playing the ascending triangle pattern scenario. The DXY broke the upper, horizontal resistance of this formation and went higher. Most recently, the price was testing the broken resistance as support but instead of a bounce, we are back inside the triangle. That creates a very dangerous situation for the demand, so the false breakout pattern. Once the price will close a day back inside of the triangle, the sell signal will be activated.

Next one is the USD/CHF, where we are still positive in the long-term but we the short-term situation looks bearish. Finally, after a few pessimistic candles in a row, the price is ready for a bearish correction to test two broken resistances as supports. That is a very technical movement and should create a great opportunity for short-time sellers.

The last instrument is the GBP/USD, where the price is aiming the combination of the dynamic and horizontal resistance. This is a typical price action movement and should result in a great selling opportunity. The sell signal will be created, when the price will draw a bearish pattern on those two resistances. In case of a breakout, the sell signal will evaporate very quickly.

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