Good afternoon ladies & gents.
USDCHF has presented us with a very high risk to reward sell opportunity. I've got a short term target of 0.93360 which yields an RR of 1:5 approximately.
I've got a secondary target at 0.93090 which is apprixmately 1:10
My third target is the H4 bullish OB below which is an RR of 1:20.
My final TP target is 1:26.
Good luck....
Summary of technical analysis on the USD/JPY:
- Fib(0) changed to 106.957 high of 10:00 candle
- Stophunting session to grab the selling liquidity
- Temporary long ('short squeeze') & then short
- Swing is overextended to the upside
- RSI pullback to probe above the 70
- Extremely low volume for a new high
Still chance for continuation with the market providing a bearish divergence on the RSI, but still also a bullish convergence at least until the market either breaks under the low of the previous swing or manages to create a higher low but now with a bearish divergence. It seems the market manipulators are getting their short orders filled and then we'll be ready...
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