USDCHF - Short on divergence

FX:USDCHF   U.S. Dollar / Swiss Franc
222 4 8
1. Price makes a higher high on RSI's lower high
2. Appearance of 3 black soldiers bearish candlestick pattern near the top indicates a decline
3. Target to 0.9355 (rounded off)


Because this is the daily charts , it could take a while for the target to be reached, with US closed for thanksgiving.
Sunday, the Swiss will vote on the Gold             referendum and speculation is that the vote will be rejected (which should be bearish for CHF) and therefore contrary to the trade bias.

Looking to targeting 0.947 above the main target at 0.9355.
Forgot to mention.. Today's Friday.. last trading day of the month.. so some profit taking should happen before volumes drop next month. Will be interesting going into the weekend as Sunday we'll know the Gold referendum results from Switzerland. No Vote will probably invalidate this set up and maybe leave a big up gap. (I'm hoping for a surprise 'Yes' vote though.. Would break the EURUSD, USDCHF inverse correlation + we could see renewed selling pressure into Euro + Gold is seemingly getting stubborn to decline)
bullish engulfing patten at support ??
+1 Reply
Yes, it looks like yesterday closed on a bullish engulfing, that too near the trend line. I think 0.968 will be key as it makes for a minor resistance level. A break above that could see a fresh high being made. BUT!!! Notice the strong marubozu candlestick pattern at the start of the decline. This should be interesting at the very least for a candlestick pattern case study.
Thanks for ur trades, I really appreciate ppl who just publish precise trades, not just talk and talk ... Thumbz up to ppl like you and river
+1 Reply
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