Looking at USDCHF price action on the weekly time frame, a sell signal appears as we have a bearish engulfing candle in the recent swing high. This provides a low probability trade towards the middle section of the uptrend formed previously.
- Sell USDCHF at 1.00000 area aiming for closes near 0.98000 regions.
- Stops set on a weekly close above 1.00800 closing our position.
Risks to the trade this week are USD Durable Goods Orders (OCT P) on Tuesday 1330 GMT.