Macro bias remains bearish on USD/CHF. In the Daily cycle, i believe price is now in Level 3 where probability of a reversal increases.
The previous months high has now been swept, allowing liquidity to be taken above the highs while trapping late buyers. This also clears out remaining short positions from last weeks cycle.
Additional confluence comes from the TDI/RSI. On the 15m, 1hr and 4hr time frames, the RSI is pushing beyond the upper volatility band, suggesting price becoming increasingly stretched. Todays range has also extended past its average daily range, supporting the idea of exhaustion.
My expectation is for price to begin rotating lower as the buy side liquidity above the highs have now been taken.
Invalidation area is my stop loss for the immediate moment, until price gives more opportunity.
Targeting a 1:2 & 1:4
The previous months high has now been swept, allowing liquidity to be taken above the highs while trapping late buyers. This also clears out remaining short positions from last weeks cycle.
Additional confluence comes from the TDI/RSI. On the 15m, 1hr and 4hr time frames, the RSI is pushing beyond the upper volatility band, suggesting price becoming increasingly stretched. Todays range has also extended past its average daily range, supporting the idea of exhaustion.
My expectation is for price to begin rotating lower as the buy side liquidity above the highs have now been taken.
Invalidation area is my stop loss for the immediate moment, until price gives more opportunity.
Targeting a 1:2 & 1:4
Trade closed manually
Manually closed 1st position for +0.8%, 2nd hit breakeven. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.