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!
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