I am a dollar bull. But I am worried.

19 lug 2015

I don't trade any CHF for well known reasons. But USDCHF has been a very good indication of overall USD strength meter for the past couple years. USDCHF has traded into a cluster of resistances, despite the fact that we just broken above a seemingly neckline of a double bottom pattern. There is a potential three drives completion right around where we trade right now. I am very suspicious about this level and look for a shallow correction downward before we can charge higher in a much more impulsive manner.