USDCHF September 10th – Bearish Setup Updated

USDCHF failed on the second attempt to clear 1.1350 and formed a double top on the 1 hour charts; moving lower we see a second resistance area forming at 1.1300; these come after a strong bullish push and start to show signs of a retracement. Opening a short position around current price levels, 1.1275, with a stop just above 1.13000 is a more aggressive approach, stopw above the highs at 1.1350 are going to allow more room for price action development; intitial target is the 50% Fibonacci retracememt at 1.1150. USDCHF failed on the second attempt to clear 1.1350 and formed a double top on the 1 hour charts; moving lower we see a second resistance area forming at 1.1300; these come after a strong bullish push and start to show signs of a retracement. Opening a short position around current price levels, 1.1275, with a stop just above 1.13000 is a more aggressive approach, stopw above the highs at 1.1350 are going to allow more room for price action development; intitial target is the 50% Fibonacci retracement at 1.1150.

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EDIt: 12 GMT

The 1.1250 support held, and USDCHF didn’t have enough bearish momentum to break under it. We are now looking at the highs above 1.1350 to see potential weakness signs that could help start a bearish move.

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