USDCHF Sell - Ending 3 Consecutive Days of Retracement
USDCHF has stubbornly climbed for the past 3 consecutive days.
Yesterday has however shown that price has met with strong resistance within the supply zone.
It is important to note that the price is considered to be very high as it is getting very close to a 27-month supply zone.
It is also obvious that the buying strength is not particularly strong as compared to the previous downtrend.
Therefore, today which is also the last trading day of the week, there's a high possibility that institutional traders will begin the process of distribution.
In conclusion, whether is it the technical patterns or the consideration of supply and demand, the price is most likely to proceed into a bearish trend.
Yesterday has however shown that price has met with strong resistance within the supply zone.
It is important to note that the price is considered to be very high as it is getting very close to a 27-month supply zone.
It is also obvious that the buying strength is not particularly strong as compared to the previous downtrend.
Therefore, today which is also the last trading day of the week, there's a high possibility that institutional traders will begin the process of distribution.
In conclusion, whether is it the technical patterns or the consideration of supply and demand, the price is most likely to proceed into a bearish trend.
