USD/CHF: False Upside Breakout on the Horizon
Blake Morrow | Sep 29, 2023 02:46AM ET
The USD/CHF is at risk of a false breakout. The move above the .9150 is quickly reversing today as the sentiment was about as bearish as we have seen in recent years (the Daily Sentiment Index was at 5 on Wednesday).
Price has moved far enough higher to squeeze shorts out of the market and entice new long trades.
A close back below .9150 should target the 200-DMA or previous channel support near the .8970 level. Also, the weekly candle would show a false breakout (tomorrow) as well.
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