Daily pullback on USD/CHFThe salient characteristics for entering into a short position on USD/CHF on the 60 minute chart have to do with a pullback in play on the daily timeframe. Price action, on the daily chart, has hit resistance at ~0.9210 and is overextended above the key moving averages. RSI shows bearish divergence. Additionally, price has touched the Fibonacci extension level of 200% of the previous pullback, building an even stronger case for temporary correction in this uptrend.
The key support level, where price could potentially retrace to is at the previous highs just above 0.9100 or lower into the 50 ema below this level if price breaks through.
On the 60 minute chart, the new development of downward price cycles appears convincing to ride on till 0.9100 with a tremendous profit offering of close to four times risk.
Entry = at the low (0.9187)
Stop-loss = above the lower high (as marked on the chart) or conservatively above 0.9210 which is above
resistance
Target = initially, roughly 0.9100, or further below if support broken
