Daily HFT Trade Setup – USDCHF Bullish Candle at HFT Buying Zone
We are analyzing the activity of HFT algorithms in the Fx market this morning and find that the USDCHF pair could provide an attractive trade setup from the long side.
Namely, USDCHF has on two occasions already tested the light HFT buying pressure zone - located today at 0.9142 and below - , and both were rejected.
The second attempt in the early European session was rejected with a tall bullish candle on the hourly chart, signaling technical momentum is shifting in favor of the bulls.
Local resistance is around 0.9155-0.9169. A break above it should clear the road for higher levels today. The light HFT selling pressure zone may come into focus for potential targets in such a scenario. It is standing today at 0.9175 and above.
Don't Miss: Where The Major Currencies Will Be Moving In 2022 - Yearly Forex Outlook & Scenarios For EURUSD, GBPUSD, USDJPY