Technical Analysis
Looking for a reversal and to ease into some short term positions for USD/CHF, some great low risk short opportunities have present themselves.
RSI:Holding Over 70 indicating the currency is still being overbought, however have had a sharp declined indicating bears gaining momentum.
MACD:Giving off a valid short signal, as can be seen through the crossing of the MACD line through the Signal line.
Something of note is the massive disparity in the volume indicator; we can see on Thursday May 10th we had a huge spike in volume in USD/CHF and have dropped significantly which suggests less interest in the currency usually associated with 'sell signals', although its not indicative in itself therefore should be utilised with other indicators.
Looking for a reversal and to ease into some short term positions for USD/CHF, some great low risk short opportunities have present themselves.
RSI:Holding Over 70 indicating the currency is still being overbought, however have had a sharp declined indicating bears gaining momentum.
MACD:Giving off a valid short signal, as can be seen through the crossing of the MACD line through the Signal line.
Something of note is the massive disparity in the volume indicator; we can see on Thursday May 10th we had a huge spike in volume in USD/CHF and have dropped significantly which suggests less interest in the currency usually associated with 'sell signals', although its not indicative in itself therefore should be utilised with other indicators.
Trade active:
Looks like we caught the top of the reversal for USD/CHF, on track for you T/P1 with minimal draw-down.