Daily HFT Trade Setup – USDCHF Stops Up Move at HFT Selling Pressure Zone

We are analyzing the activity of HFT algorithms today and note that the USDCHF currency pair has reached the light HFT selling pressure zone that is located at 0.9286 and above.

The bears managed to hold off the attack here, and the bullish move stopped. The rejection also forms a second high after the one from yesterday, with potential for this to turn into a double top pattern. For that, USDCHF will need to break the lows around 0.9250, which would act as a trigger of this bearish double top pattern.

To the downside, the light HFT buying pressure zone for today is located at 0.923 and below.

Don't Miss: Stay On Top Of The Game By Reading Our Weekly Forex Forecast Of EUR/USD, GBP/USD, USD/JPY (Fundamentals + Technicals)