olly48

USD/CHF At Resistance

Short
FOREXCOM:USDCHF   U.S. Dollar / Swiss Franc
This has retraced nicely to resistance, from here we can short once we see it reject this area. There is a bigger resistance just above, marked by the red zone, so if it does continue higher there will be another opportunity to short with a more profitable target. For the moment we focus on the current resistance though so using 4HR timeframe look for this to turn downwards using MACD and EMA's for guidance. Once it turns more bearish enter a short with a target of 0.86993 which equals the next low.