Pending Short USD/CHF (0.892X) & Long EUR/USD (1.366X)

FX:USDCHF   U.S. Dollar/Swiss Franc
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Reminder: both pairs are negatively correlated, so if one goes up, the other goes down. Having said that, if one keeps going up, the other one will keep going down as well. Both pairs are coming up on levels of interest.

USD/CHF             bounced off a resistance level today (0.8900) but I'm waiting to short the 50% fib level at 0.892X. The 0.8900 to 0.892X region is considered resistance going into next week.

EUR/USD             bounced off a support level today (1.3700) but I'm waiting to long the 61.8% fib level at 1.366X. The 1.3700 to 1.366X region is considered support going into next week. However, the support region can extend down to 1.364X as well, this may lead to USD/CHF             overshooting it's resistance region.

If either pair breaks through their S/R region, then the other pair is void as well.

Stop loss is hard to determine but it's probably better to use tight stops for this one because there are lots of levels close by: 61.8% fib on USD/CHF             at 0.8980 and 78.6% fib on EUR/USD             at 1.3580. I have a level at 1.3600 as well on my charts (don't remember why) for EUR/USD             as well.

I would leave my TP open and just close when I see weakness.
Update: Still waiting for EUR/USD to hit 1.366X/4X before I consider entering longs and since I'm waiting for EUR/USD to drop, that means USD/CHF is capable of moving up further as well. I'll probably start looking to load shorts around the 61.8% fib level at 0.8980.
EUR/USD: Considering price went up instead of down, I've posted another scenario here:
Pending Short EUR/USD in 1.383X to 1.387X Region
. Since the scenario has changed for EUR/USD, you can do the reverse analysis on your own for USD/CHF.
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