USD/CHF overbought, awaiting bearish reversal

USD/CHF has rebounded away from the 70 RSI overbought level on the daily time frame and has rebounded from the trendline on the daily time frame.. On the H4 time frame, a head-and-shoulders pattern is forming.

Possible entry points:

1) On market open on 05/11/2018 when H4 shows any bearish candles, indicating that the latest circle on the H4 chart above is a lower high. (riskier)
2) After completion of the head-and-shoulders pattern on H4 and bearish rejection of neckline

Noteworthy price level(s): 0.9960 (acted as resistance/support level since 23/10/2015


Stop loss: 1.0120 (just above the last high on the daily time frame with some room for stop hunts)

Target Price 1: 0.9980

Target Price 2: 0.9880

Target Price 3: 0.9820

Target Price 4: 0.9760

Kommentera:

Added to position @1.00432 on 07/11/2018