Potential Short Position for USD/CHF_Trade Plan 2017.06.25

Short

U.S. Dollar / Swiss Franc (OANDA:USDCHF)

OANDA:USDCHF U.S. Dollar / Swiss Franc

usdchf short tradeplan daytrade downtrend continuation

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

D1, H4, and H1 are all showing the overall trend is still Downtrend with price is holding down below MA200.
However, price also still hold above major D1 support area 0.96403 - 0.96809.
Currently in H1, price seems losing its steam and break down nearest Up Trend Line with a good momentum.

Trade Plan 1:
If price bounce back to nearest resistance area 0.96993 - 0.97077 and rejected down, can consider to short the market to follow the overall down trend.
With Stop Loss 20 pips and Target Profit 45 pips, the potential trade offers 2.25 Reward-To-Risk Ratio.

Trade Plan 2:
If price bounce back higher to previous support area turns to resistance 0.97178 - 0.97291 and rejected down, can consider to short the market to follow the overall down trend.
With Stop Loss 20 pips and Target Profit 65 pips, the potential trade offers 3.25 Reward-To-Risk Ratio.

Since there are so many Support and Resistance Area close each other, keep in alert for any immediate turning point around these areas.

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