We are analyzing the activity of Fx HFT algorithms this morning and note that the USDCHF pair is showing signs a top may be forming around the 0.9850 level.
Namely, USDCHF is trading inside the light HFT selling pressure zone that is located at 0.9811 and above. Here, the bullish attempt got strongly rejected after also hitting the resistance zone from yesterday's highs around 0.9550. It is also an important psychological price level for USDCHF traders. Thus this could be the day's high.
The doji-like candle we got on the last hourly close does indicate higher chances of a reversal. To the downside, the light HFT buying pressure zone is located at 0.9737 and below.
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