Price on USDCHF still in the area that I’m watching on. The 0.9880 level is the level that I will watch closely to go long. Price on USDCHF grinding higher, without any pullback, since the last time I write on May 18 here. Price then broke another resistance level around 0.9880 and for a moment still moving in range side. This area around 0.9880 now acts as the new support level.
On the 4-hour chart below, we can see that price keep on sideways since May 23, but giving us small rejection twice. With the recent price movement still shows upward momentum, I will start looking for bullish price action around that area. The previous high will be a reasonable target if the bullish signal occurs.
USDCHF daily chart
USDCHF 4-hour chart – zoom out
USDCHF 4-hour chart – zoom in
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