Flipping the Franc: Scalp shorting USD/CHF
We are short USDCHF, 0.89225 entry
As always, we like to keep it clean and simple, with technicals and analysis that's easy to see and understand. Let's get into it:
- Wave 5 exhaustion on mult timeframes
- Overbought StochRSI on 2h
- Head and shoulders pattern on 4h (a classic bearish reversal signal)
We see a short-term reversal, looking to scalp for 10 or so pips.
As you may know, the Swiss Franc often strengthens during periods of global economic uncertainty due to its safe-haven status. If current geopolitical tensions or economic concerns persist, investors may flock to the CHF, leading to a depreciation of the USD/CHF pair.
Be alert.
Trade green.
Trade closed manually
DECEMBER 15 UPDATE
Closed at 0.89162, +$527
This was a scalp so going for quick profits.
Although some technicals suggest a bit more room to drop, 50/200 SMAs are green so we are trading against the trend, and so did not want to get greedy.
Some people say to never trade against the trend.
Seasoned scalpers beg the differ. Trending moves make tradeable reversals every day.
Be Alert.
Trade Green.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.