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Trading scenarios for USDCHF

Thursday, July 6, 2017 5:40 AM GMT

In H4 timeframe, USDCHF is forming a rising channel, while is currently testing the lower band of it. If the upward movement is valid, then the buyers may target close to 0.968 level, where a major resistance takes place. Breaking out above it, the next target is around 0.972 level.

On the other hand, if price violates the channel to the downside, then the sellers may have a decent opportunity targeting close to 0.961 level.

Today’s agenda has important news like US President Trump Speech, US ADP Employment Change (Previous: 253K, Forecast: 185K), US ISM Non-Manufacturing PMI (Jun) (Previous: 56.9, Forecast: 56.5).

Therefore, traders should be cautious with their trading decisions, because it is expected high volatility in the market during the day.

 

H4

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