USDCHF Sell – Ending 3 Consecutive Days of Retracement

daily forecast 20190412 usdchf

  • USDCHF has stubbornly climbed for the past 3 consecutive days.
  • Yesterday has however shown that price has met with strong resistance within the supply zone
  • It is important to note that the price is considered to be very high as it is getting very close to a 27-month supply zone.
  • It is also obvious that the buying strength is not particularly strong as compared to the previous downtrend.
  • Therefore, today which is also the last trading day of the week, there’s a high possibility that institutional traders will begin the process of distribution.
  • In conclusion, whether is it the technical patterns or the consideration of supply and demand, the price is most likely to proceed into a bearish trend. 

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