double top and overbought market

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!

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One more test

Bình luận:

decent bearish violation of support

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potential retest of a broken level