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annabelphillips

Daily Reversal Opportunity on USDCHF

Short
U.S. Dollar / Swiss Franc (FX:USDCHF)  
annabelphillips  
FX:USDCHF   U.S. Dollar / Swiss Franc
Support and Resistance Multiple Time Frame Analysis Moving Averages
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USDCHF

Market Overview
The major FX markets closed last week with 5/7 charts showing dollar strength. The idea for this week was therefore to take advantage of any short term dollar strength moves, keeping a look out for USD buyers running out of steam on the daily timeframe and adapt with the market. Confirmation is key when awaiting potential reversals.

Daily Time Frame
Price action increasingly choppy as we approach trend line resistance.

4 Hour Time Frame
Price is bumping its head on the 4 hour 200 EMA at around 0.877.

Hourly Time frame
We need to see price break and cycle below the 200MA. The resistance to this move may be decreased tomorrow as we get new daily pivots. As of writing, the daily S2 is 20 pips away which can indicate that sellers have had their daily run and short term buying could be in play, before a longer term bearish run.
Disclaimer

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