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    USD/CHF Triple bar rejection at resistance

     

    The USD/CHF is bound in a ranging market just as EUR/USD. As we could see in this article, the EUR/USD is meant to go up (as it is going) and that normally means USD/CHF down due to a negative high correlation.

    Technically we can spot a triple pin bar rejection off the H3 resistance and it looks like a failed inverted head and shoulders. Due to a range that USD/CHF is currently in we might see a good r:r if the pair proceeds down. 0.9940-50 is the zone where we could see a rejection and as long as the pair is below 0.9975 targets are 0.9900 and 0.9870. Additionally traders should pay attention to ADP today.

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