BabyPips.com FX-Men Team
BabyPips.com
USD/CHF: 1-hour
Anyone gutsy enough to take a countertrend play? Then lemme turn your attention to this channel bounce that might take place on the 1-hour forex chart of USD/CHF. The pair has been moving in a downtrend but is currently testing the bottom of the descending channel, which might hold as a floor and allow price to move back to the top at the .9700 major psychological mark. To sweeten the deal, price formed lower lows while stochastic made higher lows, creating a bullish divergence. If you’d rather go with the flow, you could wait for an actual test of the channel resistance near the moving averages. The 100 SMA is below the 200 SMA anyway, indicating that the path of least resistance is to the downside. Be on the lookout for potential reversal candlesticks around the mid-channel area of interest, too!
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