I am expecting DXY to make small move back up in the ballpark of 97.40, followed by a decline to around 96.5. USDCHF has been ranging between .96 and .97 for the last few days and seems very reluctant to break upwards towards .98. In addition to this, the RSI of USDCHF is currently overbought on the H4 and H1.
Looking for a retest of last weeks lows. From there, we can determine whether it can go even lower, to .9550.
SELL LIMIT @ .97185
SL @ .97668
TP1 @ .96763
TP2 @ .96131
Risk/Reward ratio 2.12
Looking for a retest of last weeks lows. From there, we can determine whether it can go even lower, to .9550.
SELL LIMIT @ .97185
SL @ .97668
TP1 @ .96763
TP2 @ .96131
Risk/Reward ratio 2.12
Comment:
Bounced upwards from the .618 fib level as expected, hopefully it will rally up to the .971-.972 region before the FOMC rate decision so that we may short it from there.