FX CHART OF THE DAY: USDCHF MEAN REVERTION DOWNWARDS IN PROGRESS
USDCHF has recently broke down inside the 1st st deviation from weekly (120-hour) mean, after a significant leg of upmove.
There is high chance of price tagging the mean now, as it needs to trade laterally now after the uptrend completion.
Traders can still catch up with it by shorting (preferably closer to the 1st st deviation @ 0.9680) in view of price falling to its weekly (120-hour) mean @ 0.9635 before continuing anywhere else.
However traders willing to jump into the move should also put a stop above the relevant highs (@ 0.9720), despite the fact that the stop level is far away upwards from the price.
There is high chance of price tagging the mean now, as it needs to trade laterally now after the uptrend completion.
Traders can still catch up with it by shorting (preferably closer to the 1st st deviation @ 0.9680) in view of price falling to its weekly (120-hour) mean @ 0.9635 before continuing anywhere else.
However traders willing to jump into the move should also put a stop above the relevant highs (@ 0.9720), despite the fact that the stop level is far away upwards from the price.