BabyPips.com FX-Men Team
BabyPips.com
USD/CHF: 1-hour
Here’s a potential pullback play that’s brewing on USD/CHF’s 1-hour forex chart. The pair just surged past the resistance at the .9800 major psychological level then zoomed up to the .9950 area before showing signs of exhaustion. Stochastic is heading down from the overbought zone, which means that sellers are taking over price action for now. Using the handy-dandy Fib tool on the latest swing low and high shows that the 38.2% retracement level is a few pips below this broken resistance zone, which might hold as support. However, a larger pullback to the lower Fibs might be possible, as these line up with the moving averages. Besides, the 100 SMA has yet to cross above the longer-term 200 SMA to indicate that the rally is set to resume.
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