We have seen the intention of the dollar has turned towards a weaker tone last week.
USDCHF went into the 3-month supply zone last week and the price fell strongly on Friday.
The last bearish daily candle has confirmed a break below of a rising trendline which signals for a trend reversal.
Today, the price has retraced consistently and there is a significant resistance seen at 1.0055.
The price fell at first and probably has attracted more sellers to join in but as usual, the price took a turn and shot past the 1.0055 level.
As these short-term sellers are trapped, most would have their stop losses slightly above 1.0055.
So let's just wait out a little longer for the price to climb higher in order to trigger most of the stop losses at the top before we go in to sell again.
USDCHF went into the 3-month supply zone last week and the price fell strongly on Friday.
The last bearish daily candle has confirmed a break below of a rising trendline which signals for a trend reversal.
Today, the price has retraced consistently and there is a significant resistance seen at 1.0055.
The price fell at first and probably has attracted more sellers to join in but as usual, the price took a turn and shot past the 1.0055 level.
As these short-term sellers are trapped, most would have their stop losses slightly above 1.0055.
So let's just wait out a little longer for the price to climb higher in order to trigger most of the stop losses at the top before we go in to sell again.
