The markets have been a little crazy this morning, some of the European currencies like the GBP and EUR have moved sharply only a few hours into the new daily candle – which is abnormal. I believe the markets are reacting to the elections going on in the UK.
To add to the fireworks, Non Farm Payroll is this coming out this New York Session.
Eyeballing the USDCHF daily chart this session, we can see price has reacted to a weekly level and printed a bullish rejection candle with a strong closing price as a result of the bullish presence picking up here.
This market looks like it is due for a correction, so if NFP supports a bullish USD – we could see this setup launch higher and test the mean value area.