Commentary on the USD/CHF

Forexmentor.com Forex Trading Price Action

Today was a no-brainer for the USD/CHF pair. Predicting its demise was a piece of cake. Let’s look at it top-down before the London open. The bellwether 200 EMA indicator (voted the best of the 99 indicators available to traders years ago) was trending down on most chart levels. MACD was below the waterline on all but the 1 hour chart. Price came into today's session on the15 minute chart, immediately meeting resistance at the central pivot point, before crashing in a blaze of glory.

Who could have guessed? It came to a screeching halt just below S2 – the last support level that was violated. A hammer and spinning top finally ended its swoon.

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