Forex Marketz Daily Forex News – Fully Markets Update
USD/CHF (0.9181)
Trading Strategy: Stand Aside
- Resistance Levels: 0.9040, 0.9270, 0.95
- Support Levels: 0.8758, 0.8580, 0.83
Looking at the below daily MT 4 chart, we note the US Dollar is preparing to make another move lower versus the Swiss franc. Note the bearish reversal candlestick signal in the form of a spinning top. On its own, I need more before being convinced.
Short term support is now at 0.8758. A daily close below this level will open the doors for a challenge of the next technical support at 0.8580. Any move below this level will challenge the key pivot at 0.83. Should the USD/CHF move higher, then we need a daily close back above the technical resistance level at 0.9040 to challenge the next resistance level found at 0.9270.
Right now, from a risk to reward perspective, entering a trade is not right as we are trading too close to a resistance level. As far as entering a short trade, there are no clear bearish reversal signals. A spinning top, on its own is not convincing. As such, I am waiting for a stronger trade condition to emerge before placing a trade.
