USDCHF – Breaks Key Support, Potential Role Reversal Setup (1hr)
After forming a mild bounce off the key support at 9475, the pair slammed right through it in one hour. What is interesting is the price action after the break.
Initially forming a bullish pin bar, the pair then reversed course and printed a bearish pin bar off the key support (now resistance). This may act as a role reversal setup so traders should watch for a potential trade.
My only gripe with this is how the pair has printed 7 of 8 bull closes since the drop on the 1hr chart. This isn’t what I’d call ‘typical’ for a corrective pullback, along with the wicks mostly on the downside.…... Keep reading