Trade of the week – USDCHF testing the downside resistance
Our trade of the week is USDCHF. The instrument is testing the 0.9850-0.9900 zone where is a strong restistance as it can be seen on a weekly chart. We are looking for a daily close below this level which will open a new 220 pips downside swing. A significant bounce from here is required for the downside invalidation.
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Your trading service reinvented On a daily chart, we can see that the pair has broken below the wedge and is retesting it. This retest is giving us a good short trade opportunity which will increase the probability of a huge profit in the case of a break below 0.9850. Based on this you can place a short trade entry with a stop loss above the 0.9950 level. The target is 0.9700 at least. ARMAT trading system is indicating a potential 200 pips 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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