ZuluTrade Blog

A potential setup for USDCHF

Market View | Thursday, December 13, 2018 1:43 PM GMT

USDCHF has been moving downwards for the last month respecting the trendline (T1). Yesterday, the pair failed to close above the resistance (R1), while it is currently breaking the 23.6 Fibonacci level to the downside.

Going into more technicals, Stochastics is following the trendline (T2). A potential downward movement of Stochastics may verify a potential bearish action.


Overall, the setup indicates a continuation of the negative momentum. On the other hand, if price violates the trendline (T1) to the upside, the scenario is busted and the Bulls may take the control of the pair.

Today’s agenda includes US Continuing Jobless Claims (Previous: 1.631M, Forecast: 1.650M), US Initial Jobless Claims (Previous: 231K, Forecast: 225K) and US Monthly Budget Statement (Previous: $-100B, Forecast: $-188B).

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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