USD/CHF:
Date: May 23, 2016
H4+D1 Graph: Short Trend on D1, on H4 the price cannot move above the diagonal resistance
The price is still within the short trend channel on D1 and it unable to move above it, on H4 we have formation for reverse of the correction as well
Price Action: D1 - Doji Formation, H4 - Doji Formation.
The price has moved up to the upper part of the short channel, we have reversal formation, FIB 50% and horizontal and diagonal resistance at a level of strong resistance.
Alternate Scenario: If the price continue to move up and above 0,99570, this will cancel the bearish move.
Technical Indicators:
DEM (14) D1 - In oversold zone, but it still have not turned for short
RSI (14) D1 - In the oversold zone
Price for Entry short around: 0,9905
SL: 0.99600
Jr. Trader - S. Fuchedzhiev
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