Blake Morrow’s Chart of The Day – July 1st 2021
USDCHF
It’s really hard to get bullish the USDCHF ahead of a key piece of data this week (NFP) after such a strong move with the bull flag pattern developing, but you can’t ignore the move. The target of the bull flag pattern is pointing towards the .9400 level. However, we are facing the key retracement at the .9267 which is the 61.8% Fibonacci level of the highs this April to the double bottom lows in May/June. But pullbacks have been shallow and anyone on the short side of the USDCHF is well aware of this. A move to the .9400 level would find two trend lines: the April 2019 to current trend line. And the broken trend line from the lows of 2015 touching March 2020 lows and Sept 2020 highs. The .9400 level could offer a great risk/reward level for fresh shorts if we see it again soon.
Blake Morrow
