Best Forex Trading Signals
The USD CHF was trading in a potential sell zone. This area was the 50% to 61.8% retracement zone of the prolonged break from .8519 to .7066. On Tuesday the currency pair attempted to break through the 50% level at .7792, but failed to attract any noticeable selling.
Overnight, the USD CHF attempted to breakout to the upside through the 61.8% level at .7964. This attempt failed and the pair reversed back down, putting it once again in a position to break to the downside. The key to triggering the downside pressure appears to be the ability to apply sustained pressure under the 50% level and, of course, Tuesday low at .7769.
Based on the developing closing price reversal top at .8016, the USD CHF may be setting up for a possible break into the retracement zone of the last rally from .7066. This area has been identified as .7541 to .7429. A steep uptrending Gann angle helps form a possible downside target and support cluster at .7546 to .7541.
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