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USDCHF: Intraday Trading Sell Setup

Thursday, August 10, 2017 10:50 AM GMT

USDCHF formed a bearish daily candle erasing 7 days gains. Heading to the hourly timeframe we have identified a potential selling zone if the price continues recovering to the upside. There is a significant confluence of technical indications, price structure on the left and a Fibonacci retracement level, which creates a decent resistance zone (Z1). Bears will potentially step in and may push price lower. The possible target can be few pips to the continuation of the daily correction as mentioned in the beginning. The setup will be busted if price closes above 0.9721. Always review your own analysis, if there is a confluence between our and your own strategy, then you may have even better trading setup.

Hourly

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