USDCHF – False Break Above Yearly Highs (4hr chart)
After two pings on the yearly highs at 9688, the USDCHF price action formed a false break, punching above the resistance, only to ~1 day later break back below it. Unless bulls come back in on the quick and with some force, I’m expecting the new yearly highs to hold short term and bears to make an honest push back from here.
Hence watch for potential shorting opportunities, either at the former yearly highs, or just below 9750. If either of these hold and some earnest selling ensues, we’ll likely see a move back towards 9600 before any bulls consider getting back in.
Note the USDCHF has increasingly tougher resistance levels …... Keep reading