USD/CHF - Previous structure supp being tested as new resistance
- USD/CHF looks to be retesting a previously strong structure support level, as possible new resistance
- As can be seen on the chart price bounced off this level many times before as support
- Price then broke through this level
- Now price has advanced back up to the level, and is possibly testing it as new resistance
- If price were to reject this level, we may see a drop further
- Equally if price were to advance back above this level we may see this act as support again
- As well as this the 50 EMA coincides with this level and may act as another level of resistance
THIS IS NOT TRADE ADVICE NOR A TRADE CALL
- As can be seen on the chart price bounced off this level many times before as support
- Price then broke through this level
- Now price has advanced back up to the level, and is possibly testing it as new resistance
- If price were to reject this level, we may see a drop further
- Equally if price were to advance back above this level we may see this act as support again
- As well as this the 50 EMA coincides with this level and may act as another level of resistance
THIS IS NOT TRADE ADVICE NOR A TRADE CALL