justatrader
Short

USDCHF - Going through a possible correction

FX:USDCHF   U.S. Dollar/Swiss Franc
137 1 0
Seems like a correction is underway after finding support in the region of 0.9258. A move higher is capped firstly by the 20SMA and the 0.382 Fib level.

Today's weekly employment claims report could be the trigger. A drop towards 0.91465 is likely if 0.382% resistance level holds (which could hold considering we have the SR confluence with the Fib level)
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An amazing example of Support and Resistance in play right now. The picture below, focus on the thick horizontal bar. Notice how price in the past struggled at this level? From the extreme left, we have a long wick, then a strong bearish bar that stopped dead in its tracks and finally the most recent level four candles ago and then now. So a close below this level is conclusive when price drops quite a few pips away from it and opens. Else, we'll be looking at a move back to gain some momentum to break this level.

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