USD/CHF SHORT - Bearish Divergence 1W + Major Resistance
Updated
USD/CHF- SELL,
Talking points,
Technicals:
One and a half year high this past wensday. you can see the reversal patterns. Weekly divergence on weekly chart gives me the final check for a Short. Also closed the week under Recistance area
Fundamentals:
Thanksgiving US Holiday (Thursday & Friday), Liquidity.
Sentimental:
Retail FX traders are positioning in Dollar-based majors like EUR/USD: 63% of Retail Traders are Long, Despite YTD lows
Talking points,
Technicals:
One and a half year high this past wensday. you can see the reversal patterns. Weekly divergence on weekly chart gives me the final check for a Short. Also closed the week under Recistance area
Fundamentals:
Thanksgiving US Holiday (Thursday & Friday), Liquidity.
Sentimental:
Retail FX traders are positioning in Dollar-based majors like EUR/USD: 63% of Retail Traders are Long, Despite YTD lows
Trade active
Switzerland is one of the most prosperous countries in the world. Its prosperity comes because of a number of reasons. Historically, the country has taken a neutral approach to global issues. In fact, it did not participate in the Second World War. As a result, the country continued to develop its economy as the other European countries rebuilt.Second, the country is fully decentralized, which means that the laws are made at a local level. In fact, its president is not as powerful as other presidents. Third, the country has invested a lot in education that has made it one of the most advanced technology leaders. Its companies like Norvatis and Rolex dominate their industries. Last but not least, Switzerland is one of the most business-friendly countries in the world.
This year, the Swiss franc has lost significantly against the US dollar. This has been attributed to the aggressive policies being promoted by the Federal Reserve and the lax policies of the Swiss National Bank (SNB). The latter has continued to retain interest rates so low with the goal of easing the Swiss Franc. The goal of this is to support the Swiss economy, which derives a lot of income from exports. When a country’s currency is weak, it makes its products more affordable to the international market.
Trade active
We might see a correction pullback, we at the first Support area. You could lock in some small profits and put SL on break even. I'm forecasting 2 senario's. Note
We will see one more wave down, In profit with 170 pips profit
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