The USDCHF pair has been on a downtrend as you can see from its 1-hour chart. Last Friday, it staged a rally and was able to rise back to around 0.934 from a low of around 0.9250. Note that the 0.9400 level acted as a support previously and hence can be a resistance in the near term and fall back down to at least 0.9350. I’m looking to short this forex pair at 0.9400 with a target of at least 0.9350 and a stop loss at 0.9430. A presence of a hidden bearish divergence or a negative reversal where the price makes lower highs and the stochastics draw higher highs suggests that the trade may be in my favor. Wish me luck!
More on Trading Edge Consultancy