Most CHF crosses are still trading in a bearish condition, and the USDCHF is probably one of the clearest of them all. It is still trading in a bearish condition and I’ll keep looking for short opportunities here. This is how the short term chart looks like:
The USDCHF needs to keep trading below the short term resistance level (upper green level) in order to keep its bearishness. If it retraces back to the ST resistance level and forms a significant pattern with downward pressure, I’ll definitely go short.
If it breaks the ST resistance level I’ll stop looking for trade opportunities.
Tags: USDCHF analysis