USD/CHF: 4-hour
Here’s a simple break-and-retest play on USD/CHF’s 4-hour forex chart. The pair has been on a tear after breaking past the neckline of the double bottom pattern on the same time frame, but it looks like the rally might be over soon. Price seems to be finding resistance around the broken support level at the .9500 major psychological level, which is near the Fibonacci retracement levels on the latest swing high and low. In addition, stochastic is starting to move down from the overbought territory, suggesting that dollar bears are ready to come out and play. A selloff could take USD/CHF back down to its previous lows at .9100 or until the nearby area of interest at .9300.
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