USDCHF is in a bearish structure. We are looking to short the market at current price of 0.9250. This would be from the resistance of H4. Our target for this trade would be the support level. Market is forming LL and LH. With this structure, we anticipate market printing on bearish trend. Market tried breaking out of the resistance, but turned out to be a fakeout.

Ascending trendline has been broken out for sells. This breakout sell will be validated once the candles have opened and closed below the trendline.

The 75-78.6% retracement level is in confluence with the resistance. The price of the retracement level is 0.9248. Market broke this retracement, then again, dropped back in the range.

EMA 50 and EMA 200 has been broken out for buys in this case of USDCHF. There also happens to be a bullish death cross which has been validated. Right now, until resistance is breached, the EMA impact of the bullish pressure cannot be taken under consideration.

Currently, RSI and CCI, both are in a bullish range, forming a pattern for the bearish leg towards downside. We need to wait for the oscillators to mark down below the neutralized levels.

Shorting USDCHF

Dec 07 2021

Take Profit +0.93%

Holding time 4d22hr

0.92500

Entry price

0.91640

Take profit price