Ransquawk

I recently mentioned the currency pair USDCHF on Tuesday. Then it was about the pin bar that formed on the daily chart, and also about breaking of the uptrend line on the 4-hour chart. Since then, quotes closed under support at 0.9765, which was one of the conditions to open short positions. Yesterday price went further, to local support at 0.9710, where was the low from October 4th. As you can see on the following H4 chart on the support occurred demand reaction and pair is currently testing resistance at 0.9765 (previous support). One of the scenarios here is to break support at 0.9710, which may lead to short positions. The next support will be near 0.9587, while the key defence area is located at 0.9443.

 

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Ransquawk