USDCHF - Anticipated Break of Support
USDCHF ranging in the highlighted s/r zone since 16 April.
This is a simple technical analysis on this pair as fundamentally it doesn't appear there is any clear [/I] strength/weakness of the US dollar following last night's FOMC.
We have the 0.98000 psychological level highlighted as the month's resistance which it appears price could not break so far, forming a double top. Price has also rejected the support level on multiple occasions at around the 0.97200 level.
I am anticipating a move to the downside following a strong break (e.g bearish engulfing) and retest of the current support level.
It may be sensible to wait for a closure below the 0.97000 psychological before making entry, for further conf.
Potential 100+ pip move to the April low if we get some strong bear momentum!
This is a simple technical analysis on this pair as fundamentally it doesn't appear there is any clear [/I] strength/weakness of the US dollar following last night's FOMC.
We have the 0.98000 psychological level highlighted as the month's resistance which it appears price could not break so far, forming a double top. Price has also rejected the support level on multiple occasions at around the 0.97200 level.
I am anticipating a move to the downside following a strong break (e.g bearish engulfing) and retest of the current support level.
It may be sensible to wait for a closure below the 0.97000 psychological before making entry, for further conf.
Potential 100+ pip move to the April low if we get some strong bear momentum!
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