forexTrdr USDCHF -OVERSOLD FINALLY PLAYING OUT? 3.5x RISK REWARD
Morning traders,
We have been watching US dollar versus Swiss Franc for sometime and even been burned on a prior short as the pair has continued to trade deeper and deeper into overbought territory over the past couple of weeks. But the market appears to be finally turning lower with the past 5 days trading sideways to lower as volumes have dried up and the move higher has ran out of steam.
We can see this turning lower from the high represented clearly on RSI and stochastics with a crossover and turn lower. Additionally given the recent high we are able to trade this pair on a high risk reward (3.5x) should we be correct with a stop loss set just above the previous high
As always comments and feedback are always appreciated from anyone in the trading community
Have a good week trading!
from the Team at forexTrdr
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