double top and overbought market
Updated
hey guys,
this Friday morning I want to focus your attention on dollar swiss pair.
Watching this pair on a daily we see that the market is approaching 1.01 level,
a significant level of structure looking left.
Also take into consideration overbought RSI.
on a 4h chart we have a nice double top pattern and decent rsi divergence.
also take into account a rejection candle 11th Feb. As you see bulls we trying to establish new market high,
however, we see a clear rejection.
last but not least, the market follow a rising trendline,
bearish violation of this trend line will trigger a selling reaction.
now we are waiting for a bearish violation 1.005 level to sell the pair.
Targets are based on structure.
Stop above tops.
good luck!
Note
One more testNote
decent bearish violation of support Note
potential retest of a broken level
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