Descending Channel on USD/CHF @ D1

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This descending channel pattern has formed on the daily chart of the USD/CHF pair following a rising trend that lasted from the start of the year till May 1. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The stop-loss can be set to the low of the candle preceding the breakout candle. It's not shown SL isn't shown on the chart. I will ignore bearish breakouts from this descending channel formation.

3 thg 8

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The pending order has been cancelled as the channel pattern is no longer valid.