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That did not take long. USDCHF snaps back toward 100 hour MA

The USDCHF broke below the double bottom at 0.88591 from the April 13 and low from yesterday's trade. The low price reach 0.8851 but could not go any further. When the price started to trade more comfortably above 0.88662, the shorts got scared, and the price snapped back to the upside. Traders jumping on the break of a double bottom want to see momentum in the direction of the break. When it does not happen that opens the potential for the snapback rally. That is exactly what we've seen. I warn... Read More

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Posted: Apr 26 2023, 15:31

Author Name: forexlive

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