The new week starts with a bullish upswing that is timing for the 0.9385 resistance—the level that is blocking further upswings since the end of July. 0.9385 is correlated with the 38.2 Fibonacci retracement of the last downswing which lasted from the beginning of the July. This level can potentially lead to the great opportunity for short positions, but before opening one, traders should wait for a candle of price reversal pattern located on or below the resistance.
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On the other hand, if buyers manage to close the H4 candle above that resistance, it will change the sentiment into a positive and should give the price momentum to reach at least the 50% retracement level. Currently, the best strategy is to wait for the price to reach the 0.9385 level, and to wait for what will happen.
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USD/CHF: Aiming For The Key Resistance
Published 09/03/2013, 06:45 AM
Updated 01/31/2022, 02:45 AM
USD/CHF: Aiming For The Key Resistance
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