USD/CHF: Break of the Triangle and test of the horizontal resistance

23.09.2016 / 14:42

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USD/CHF:

Date: 23 September, 2016

H4 Graph: Medium term short trend, break of large consolidation - Triangle formation

The price forms 3rd lower high below the long diagonal resistance line. After that the price comes out/break of the triangle and also breaks horizontal support on the down side, which becomes resistance at 0,97100. Now the price comes back to test the horizontal resistance and the break.

Price Action: Doji bar at horizontal resistance - Сигнал за шорт

Alternative scenario: If the price goes up again above the horizontal resistance above the 0,97100 will cancel the bearish view.

Technical Indicator:

DEM (14) - In the vicinity of the oversold zone

Price for Entry short: 0,97100

SL: 0.97400

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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USD/CHF: Break of the Triangle and test of the horizontal resistance

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