USD/CHF: short at higher levels
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Trade idea
SELL 0.9880; TP 0.9800; SL 0.9900
USD/CHF formed a “hammer” candlestick on D1 yesterday. It means that it may hold at the support in the 0.9820 area for some time and try to test levels around 0.9870/90. However, the overall trend is bearish as can be seen from the daily moving averages that have a negative set up. As a result, the recovery to this area will likely meet resistance (July 2 high, MA on H4), so we’ll look for the opportunity to enter a short position with the initial target at 0.9800.
