Euro / Swiss FrancShort
EUR/CHF is carving out a twin top - SHORT from .9700
EUR/CHF opened with a gap this week and anyone who follows my posts will know that I always trade gaps as they ALWAYS fill.
I'd expected the gap on EUR/CHF to have filled yesterday as price hit WR1 key resistance pivot but EUR/CHF BULLS managed to push the price back to WR1.
One hour ago WR1 was hit and we now habe a double right on WR1.
This is very BEARISH.
I'm SHORT this pair from .9700 with STOP above the high at .9718 and a target of .9628 which will close the gap.
RSI on H1 is declining though it should be noted that the red SELL line on the Andean Oscillator on H1 has yet to move off zero though it has on M30.
MACD has also not yet signalled we a re SHORT so this trade is not a done deal and we cannot rule out EUR/CHF BULLS pushing the price back to the WR1 pivot.
The trade has an 18 pip STOP so there's not much damage done if the price reverses though its highly probable that even if the price does head back north to WR1, its unlikely to make much further progress past this level.
So the next key level is .9695 which will break the 200 EMA on M1 and this will then act as resistance to EUR/CHF BULLS.
I'd expected the gap on EUR/CHF to have filled yesterday as price hit WR1 key resistance pivot but EUR/CHF BULLS managed to push the price back to WR1.
One hour ago WR1 was hit and we now habe a double right on WR1.
This is very BEARISH.
I'm SHORT this pair from .9700 with STOP above the high at .9718 and a target of .9628 which will close the gap.
RSI on H1 is declining though it should be noted that the red SELL line on the Andean Oscillator on H1 has yet to move off zero though it has on M30.
MACD has also not yet signalled we a re SHORT so this trade is not a done deal and we cannot rule out EUR/CHF BULLS pushing the price back to the WR1 pivot.
The trade has an 18 pip STOP so there's not much damage done if the price reverses though its highly probable that even if the price does head back north to WR1, its unlikely to make much further progress past this level.
So the next key level is .9695 which will break the 200 EMA on M1 and this will then act as resistance to EUR/CHF BULLS.
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