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Since mid May the USD has risen against CHF steadily, and recently we’ve seen a sideways, ranging pattern in the currency pair. There was a strong move to the upside in an attempt to break the range, but it looks like it wasn’t enough. Now, we’re seeing lower highs and lower lows on the 1 hour chart signaling a break in uptrend, and a possible shift in direction or maybe short term correction.

Short USD/CHF at 1.2290, stop at 1.2320, pt1 at 1.2265, pt2 at 1.2235

Tomorrow morning we have multiple US economic reports being released, starting at 8:30 am EST. Please be cautious tomorrow morning.

Good luck and good trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.