This move is a reversal from the hour prior, which saw price move up.
If we see the resistance broken out then we could see the shift in the trend.
Price action traders may also wish to note that we see a pin bar candlestick pattern on usdchf.
Compared to its peers in the forex, usdchf gave its buyers a return that ranked 32nd in terms of percentage change since the day prior.
Compared to its peers in the forex, usdchf gave its buyers a return that ranked 14th in terms of percentage change since the day prior.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
Or to simplify this another way, note that out of the past 10 days usdchf’s price has gone up 5 them.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.