The bearish pattern of the butterfly in the USDCHF currency pair in 4 hours: 05/01/2023

deltawriter 1 May 2023

In the technical analysis of the USDCHF currency pair (in the picture below), the price is expected to be in a long-term downtrend according to the daily chart’s formation of the bearish butterfly pattern. In case of breaking the level of 0.89416, the initial target is the level of 0.88615 and then 0.87766.

As you know, the butterfly pattern is one of the most popular harmonic patterns in which the possibility of error is possible due to market fluctuations. Therefore, it will be essential to pay attention to the possibility of risk management in the market when trading with these patterns.

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