Chris Capre’s current live price action trades: GBPJPY, EURCHF, EURGBP, BIR, PLUS, TLS
USDCHF – Strong Intraday Rejection From LT Resistance (Daily chart)
After a 200+ pip rejected from the key swing point at 1.0040 in May which we mentioned in our daily trade ideas, USDCHF is now revisiting this LT resistance.
On Friday the price action formed a false break setup around this area, communicating that bears clearly are prepared to defend this level, which can present possible trading opportunities to bears who are prepared to trade against the strong bullish LT momentum that started in February this year.
If bears are able to take control from here, a move down towards the wide support zone around 0.9760 – …... Keep reading