The USDCHF has formed a Pin Bar reversal on the daily chart. This Pin Bar is against the short term trend which means it is a lower percentage trade compared to a Pin Bar that is formed with the trend.
If price can get a wriggle on and move higher we could see price move into the near term resistance which sits around 0.9220. This resistance area could act as a possible area for bears to come in to send price lower with fresh short orders. Price Action traders who are bearish this pair could also look to get short at this same area.
USDCHF DAILY CHART – 20 DEC 2012
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