USDCHF Potential Sell
Updated
Reasons for Sell:
-Price has been in an extended uptrend for 28 days. 6 of those days accounted for a retrace in the current uptrend.
-for the past 8 days price has failed to break above 0.99870 which is also December 14th high.
-Rsi is showing divergence on H4 charts indicating buying pressure is running out.
-Price has formed a double top and could be coming up for a third touch at the 0.99870 level.
- Stop loss would be 10/15 pips above parity at 1.0000
However a clean break above 1.0000 will see strong moves towards the 1.00030-50 region.
This increases the risk of this trade, but can easily gift you 100 pips + if bulls lose the fight before 1.0000
Make your own decisions this is just my view. :)
-Price has been in an extended uptrend for 28 days. 6 of those days accounted for a retrace in the current uptrend.
-for the past 8 days price has failed to break above 0.99870 which is also December 14th high.
-Rsi is showing divergence on H4 charts indicating buying pressure is running out.
-Price has formed a double top and could be coming up for a third touch at the 0.99870 level.
- Stop loss would be 10/15 pips above parity at 1.0000
However a clean break above 1.0000 will see strong moves towards the 1.00030-50 region.
This increases the risk of this trade, but can easily gift you 100 pips + if bulls lose the fight before 1.0000
Make your own decisions this is just my view. :)
Note
for the past 4 days price has failed to break above 0.99870 which is also December 14th high***
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