USD/CHF: Following Up on Selling into the Ceiling

I my last post I had shared a view of the 240-minute time frame and the exhaustion area I was watching there. Prices came close but never reached the area where I felt that the bullish momentum would shift as it ran into selling pressure so I began looking at more near-term resistance within the uptrend that the shorter-term time frames were in, like the 15, 30, and 60-minute charts.

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So by now it’s obvious that idea behind an exhaustion and reversal in the USD/CHF has followed through lower, now the question is where is the buying support? Take a look at the 1.0244 to 1.0288 area on the chart below.

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Charts courtesy of Autochartist