USDCHF is testing a pivotal area today that could offer a massive opportunity later this month.
In today’s video, I discuss what dollar bulls need to do to confirm the setup, key levels to watch, and targets if the setup is confirmed.
I also share the latest on the US Dollar Index (DXY) and its attempts to crack the 102.60 resistance area.
Watch the video below and scroll down for the annotated charts and analysis.
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USDCHF has some of the best technical levels in the Forex market currently.
Even the price action from last September and October shows a fakeout above 0.9147, which was the May 2023 high.
That fakeout sent USDCHF on an aggressive 800-pip correction.
Fast forward to this month, and the pair is battling with the July lows at 0.8566.
That’s key resistance for USDCHF as of this writing, so a bullish bias is unwarranted.
However, a reclaim of the 0.8580 July lows on the daily and weekly time frames could present a long opportunity.
Such a reclaim would be the inverse of what occurred in late September and early October of last year.
A sustained break above 0.8580 would open up levels like 0.8670 and 0.8900.
But again, the 0.8580 region is serving as resistance today, so there’s no reason to long or even get bullish on USDCHF.
Remember too that we need to see the DXY reclaim 102.60 on a daily and weekly closing basis to push the US dollar higher.
That’s a key component when trading a currency pair like USDCHF.
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