USDCHF is coming up to the fib 0.618 retracement level and looking left, this level has been a clear structure level, so i would expect the price to reverse in this area. If we look on the H4 timeframe the price is in a rising wedge right now, and what i could see happen is the price make a fake breakout to the upside touching the 0.618 level, before coming back down again.
One of the reasons i am short in this trade is because the DXY is strongly overbought and the price is at previous high, Hence i believe DXY will start to fall, so if that happens, there will be a higher chance of the same thing happening on this pair.
Also the RSI is close to overbought
One of the reasons i am short in this trade is because the DXY is strongly overbought and the price is at previous high, Hence i believe DXY will start to fall, so if that happens, there will be a higher chance of the same thing happening on this pair.
Also the RSI is close to overbought