USDCHF: Bearish Market Condition
Have you noticed that the EURUSD moved down a few hundred pips in the last days breaking important LT support levels, and even though the USCHF followed (mirroring due to the negative correlation) for the downside, but the later didn’t break important support levels? Weird isn’t it?
Anyway, looks like the USDCHF its being rejected from an important LT resistance level:
In the Weekly charts it is also trading just below an important LT resistance level which helps the bearish condition found in the daily charts.
My Trading Plan:
As long as the USDCHF keeps trading below 1.0421 I will be looking for short trade opportunities.
All long opportunities will be ignored.