The USDCHF pair dropped after Swiss trade balance numbers came better than expected (3.05B vs 2.51B estimate) and currently it is showing possible 2-way trading opportunities. As we can see on the chart 0.9525 zone is important for the pair. That is point 2 of M bearish pattern and when point 2 is broken M pattern is confirmed. Since we are watching H4 chart 0.9525 also marks important interim level. If the pair closes ABOVE the level it could spike up to 0.9615 where we could possible see a short selling/fade. 0.9615 POC is showing 38.2 retracement, X cross and overhead H4 weekly camarilla pivot. However we can also see the important 0.9475 level. Trend line confluence with most recent swing if broken, could provide a breakout trade towards 0.9440 and 0.9350. So we have a possible breakout and position setups, but for position setup the price should stay below 0.9675.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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