USDCHF: SHORT UPDATE
Updated
I have been shorting and posting about the bearish trend on the DollarSwiss since I first got a trade signal on 07.25. I took my fist short almost a month later on 08.21, which you can see here hit the first target. Another lot hit the second target which you can view here. After hitting the second target I mentioned that getting to my third target would take a little more time. It turned out I was correct as the pair entered a range after finding initial support on 08.31. We're still in that range and target three is still some ways away @0.95855, approximately 320 pips from 07.25 trade signal.
Price action will need to close below the bottom of the range boundary @0.96450. If this takes place there is no significant support until we reach the top of the next Demand zone, which is also located at the 200% fib extension from the 07.13 high.
Price action will need to close below the bottom of the range boundary @0.96450. If this takes place there is no significant support until we reach the top of the next Demand zone, which is also located at the 200% fib extension from the 07.13 high.
Trade closed: target reached
I hit the third target, but there is still much downside for this pair to go. I'm awaiting a pullback and/or a break below the current support level and move away from the current range.
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