USD/CHF 13.20.2016 D1 chart:
Downtrend and mid term choppy.
Price below 50% Fibonacci of the downtrend.
Diagonal resistance and zone of horizontal resistance.
Price action: bearish engulfing and 2 and two equal ticks up (last bar still not closed but it will very likely close with engulfing) - strong negative signal.
Technical indicators:
DeM(14) reverses above 0,7 in overbought zone - sell
Entry after 50% correction of the current bar with goal to minimize risk or now.
SL 0.9960
Alternative scenario: Price above the resistance zone will negate the negative scenario.
Jr. Trader Nikolay Georgiev
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