USDCHF weakens on strong sell-off following its intra day price rejection on Friday. Resistance comes in at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance stands at the 1.0000 level. On the downside, support is located at the 0.9700 level with a turn below here opening the door for more decline...
Currently price is respecting the 50-EMA while in it's downtrend but is approaching strong support. Eventually price will have to break either of these respected levels, which can provide a trade opportunity in either direction.
With the additional tariff Trump is imposing on China on Friday, the dollar fell significantly throughout all USD pairs. We need to see if the price comes back to retest the previous trendline and then we can go from there.
PAIR IN FOCUS: USDCHF
Bearish engulfing on Daily charting has sparked interest for a short trade on this pair. As trade war intensifies, the risk-off sentiment may continue strengthening, pushing for further bearish momentum for this pair.
Price may retrace higher to indicated zone which provides a better R:R ratio for this trade.
TP 1, TP 2 and...