USDCHF trading idea for the week of 08-July-2019 – The pair hits resistance.

Last Friday, USDCHF exploded to the upside due to upbeat NFP data from USA. Despite this fact, the down trendline is still not broken, and the pair has hit a major resistance level.
Therefore it is very likely that the pair can retreat from the current levels. The near term downside targets are the levels from where the pair rallied with NFP data. Any bounce from there will provide opportunity to sell the rally, as long as the down trendline and the resistance level is not broken, as shown on the chart.

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Amir is a graduate in International Economics. He has been active in the financial markets since 2014.

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