The USDCHF had a huge bullish momentum yesterday, spiked higher almost 800 pips after SNB intervention, hit 0.8625. Will this intervention that aim to weaken the Franc work and push the pair even higher? I don’t know, but my hourly and h4 chart bias is all bullish now and a consistent movement above 0.8550 would keep the current bullish technical bias strong testing 0.8945. Huge movement force my support/resistance level and risk – reward ratio to be in extreme condition so I think I will stand aside for now or probably long around 0.8550 with a tight stop loss on a break below that support area, which could trigger further bearish pullback testing 0.8430 region. The BOJ has intervene the market three times this year, also aim to weaken the Yen, but so far the result is disappointing. Nobody wants a strong currency
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