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USDCHF near to a major resistance

Tuesday, October 23, 2018 12:14 PM GMT

USDCHF has been rallying towards the trendline (T1) for few weeks but there is currently a weakness in the bullish momentum. The trendline (T1) acts as a major resistance, at the same time, Stochastics is moving within the overbought zone.

Weekly

Moreover, heading to the daily timeframe, both RSI and Stochastics have already formed negative divergences, indicating a potential reversal.

Daily

On the other side, if price breaks out the trendline (T1) to the upside, then the scenario will be busted.

Today’s agenda includes FOMC Member Bostic Speech, so Traders should be cautious during the session, because it is expected volatility.

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups. 

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