USDCHF has climbed for the 6th consecutive days but is seen exhausted as it is about to reach the key supply zone 1.00.
The dollar is also seen resisted as it reaches key level 96 and is prone to a retracement anytime.
USDCHF has formed a rising wedge and is nearing the end of the formation which will highly cause the price to break down and fall.
Additionally, there is an inside bar formed in H4 chart and there's sign that the price is breaking below.
To conclude, traders can consider going in for a short now but stop loss is recommended to set above 1.0020 should the inside bar formation fails.
but once the break down is confirmed, stop loss can be shifted just above the inside bar and traders can consider to add position to gain bigger profits.
The dollar is also seen resisted as it reaches key level 96 and is prone to a retracement anytime.
USDCHF has formed a rising wedge and is nearing the end of the formation which will highly cause the price to break down and fall.
Additionally, there is an inside bar formed in H4 chart and there's sign that the price is breaking below.
To conclude, traders can consider going in for a short now but stop loss is recommended to set above 1.0020 should the inside bar formation fails.
but once the break down is confirmed, stop loss can be shifted just above the inside bar and traders can consider to add position to gain bigger profits.
