FX:USDCHF   U.S. Dollar / Swiss Franc
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Short on setup of false break

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Nice idea on USDCHF and there may be potential gains as you have identified by going short. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first resistance at 1.0096. It is Horizontal swing high resistance, 61.8% fibonacci extension and a 78.6% fibonacci retracement. Stochastic is approaching resistance and we might see a corresponding drop in price. If a corresponding drop does occur, we may want to take a look at the 0.9974 support level which coincides with your take profit level. It is a horizontal pullback support, 100% fibonacci extension, 50% and 23.6% fibonacci retracement.

Please take a look at our idea and share with us what you think.



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