USDCHF short: This trade is based on trend following, originating from a significant daily horizontal resistance level. We observed a candle reaction, indicating rejection at the same daily timeframe. Moving to lower time frames, specifically the hourly charts, we can identify a rising channel and a double top formation at the aforementioned daily resistance level. Both patterns have now broken below their respective neckline levels, and currently, the price is consolidating around our neckline area.
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