USDCHF to trap buyers before driving back down.
USDCHF SHORT IDEA:
USDCHF is a definite downtrend on the Monthly timeframe, specially with the big wicks thrown to the downside during crashes. If you want to be at one side only on this pair, it definetly would be the short side. We are eyeing a break of the descending trendline before a trap to occur for S and R traders. Once done, we enter a short after the correcctive pattern is broken as well.
Another risky entry could be at the 61.8% Fib retracement, with a relatively wide Stop Loss.
USDCHF is a definite downtrend on the Monthly timeframe, specially with the big wicks thrown to the downside during crashes. If you want to be at one side only on this pair, it definetly would be the short side. We are eyeing a break of the descending trendline before a trap to occur for S and R traders. Once done, we enter a short after the correcctive pattern is broken as well.
Another risky entry could be at the 61.8% Fib retracement, with a relatively wide Stop Loss.