USDCHF Possible Short

USDCHF has pushed through the previous resistance levels and has topped around the 1.1485 area, the pair broke under the support trendline and the scenario looks almoust identical to what we had last week: after a quick move higher the pair breaking support and retracing to the 50% Fibonacci line. If we choose to take this trade stops above the current highs and a potential first target at 1.1350 will provide us with a good risk:reward ratio.

USDCHF has pushed through the previous resistance levels and has topped around the 1.1485 area, the pair broke under the support trendline and the scenario looks almoust identical to what we had last week: after a quick move higher the pair breaking support and retracing to the 50% Fibonacci line. If we choose to take this trade stops above the current highs and a potential first target at 1.1350 will provide us with a good risk:reward ratio. The 1.1400 area should provide some support and a failure to breach this zone quickly will force us to reasses the situation.

 

[NP][/NP]