Two weeks ago, seen in the W1 chart, the USD/CHF weekly candle had ended as a bearish engulfing pattern. The big red candlestick shows this bearish engulfment.
This pattern was a continuation outside bar candlestick pattern. It shows how the big red candle engulfed the one before and it also shows how significant the strength and determination of the bears were with the USD/CHF price.
Referring to the 1W or 1M charts, technically, the USD/CHF is bearish. and if we would like to sit with the dominant side, then we should look for a sell position.
In the 4H chart, we can see a very reliable setup for a sell position. A confluence of fresh supply and Fibonacci 61.8% of the recent downtrend.
In addition, on the 1W chart, we have a bearish outside bar pattern, that pattern with the confluence of fresh supply and Fibonacci 61.8% gives us enough signals to look for a sell position.
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