USDCHF is retesting the confluence of a downside support
USDCHF is retesting 0.9950-1.000 zone. A rejection from here is needed for a downside extension. Previously broken triangle and a falling rectangle could provide enough evidence for a downside extension into 0.9600 level.
On a daily chart, we can see a test and a rejection from the important downside breakout 0.9900 level. This is providing an excellent trading opportunity with a good risk to reward short entry. You can place a short trade entry with a stop loss above the 0.9960 level targeting 0.9600 level and even trailing the profit further downside into 0.9500. ARMAT trading system is indicating a potential 200 points of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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