informedtrades
Short

USDCHF Pulls Back to Resistance, With Confluence -- Time to Shor

FX:USDCHF   U.S. Dollar/Swiss Franc
USDCHF             pulls back to a 61.8% Fibonacci level, a 50 SMA , and a horizontal resistance level established in December 2013             -- all while in the midst of a clear downtrend. As such, I'm seeing this as a great swing trading opportunity and am going short. My only concern is that we don't have candlestick confirmation, though in my opinion if I wait for that on the daily chart I might be waiting a bit too long. There is a reasonably long wick candle on the hourly chart at this time, which is some evidence. Overall, though, I'm basing my decisions based on the other factors.

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