USDCHF has recently been on a strong uptrend. However, there is a bearish divergence which gives us confidence to search for short setups. I am looking for a candlestick to break and closebelow the horizontal and trendline support at 0.99064 as confirmation of the bearish bias. Stop loss is just above the swing high while the take profit target is set at the 38.2 Fibonacci retracement level of the swing low to swing high. Tentative details are as follows:
Trade Setup: Possible CRT
Price Entry 0.99064
SL 0.99608 | SL pips 54.4
TP1 0.97978 | TP1 pips 108.6
RRR1 2.00
Trade Setup: Possible CRT
Price Entry 0.99064
SL 0.99608 | SL pips 54.4
TP1 0.97978 | TP1 pips 108.6
RRR1 2.00