USDCHF has been storming down the charts the last few weeks as the weakness in the USD continues. This market has just recently busted through a weekly support level which is a very bearish sign. We are waiting for the market to rally back up and terminate at the old support level, and act as new resistance to confirm this price level is now behaving like a swing line.
The mean value is hanging around the swing level, which sets this location up as a ‘hot spot’ for bearish price action reversal signals to form. Will be keeping an eye on the situation here throughout the trading week.