CHF/USD Short Position after Confirmation of Resistance

Here on CHF we are seeing two major important points that can determine the direction of our next trade.

First of all we see that the price is really close to a horizontal resistance. This can gives us a nice risk-reward for a short position.

Second of all, we see the price is following a trend line (roughly, it's not perfect admittedly). We can use this trendline to understand when we need to exit our short position.

Basically it means that the price is trending upwards, and we should be conservative with our positions. Don't hold it too long, and exit relatively early. That's why I drew the orange line to bounce at around 1.1017.

All other information can be found on the chart. Good luck!

Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.

- Trading Guru

--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!