Jai30
Short

USD CHF Bearish Opportunity

FX:USDCHF   U.S. Dollar / Swiss Franc
I entered this trade on 15th Feb. Immediately the price fell into profit and I was looking for a close below 1.00500 in order for me to keep the trade open over the weekend. This happened and I as the markets have opened, I am expecting more bearish price action right down to the first target of 1.00000, then the second target of 0.99500.

The price has been testing 1.01000 level which is a weekly resistance and the pair has strongly rejected this level numerous times in the past. Again as the market has struggled to break past this level again, I am expecting a strong bearish push. Upper wicks, numerous tests of this level and rejection each time, price has tested twice creating double top and also a third attempt which fell short of previous highs and created a tweezer top formation and the MA and EMA have crossed. Bearish movement to follow. I am looking forward to seeing how this trade plays out.
Trade closed manually: Closed as 111.000 level.

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