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FxWirePro: USD/CHF forms shooting star in daily chart, good to sell on rallies

Monday, October 24, 2016 8:17 AM UTC

Candlestick pattern formed- Shooting star.
Major resistance- 0.99620
USD/CHF has jumped sharply from the low of 0.98437. It is trading around 0.99427.
The pair formed shooting star pattern in the daily chart, a decline till 0.98450 is possible.
The temporary top around 0.99620 will be acting as major resistance and slight jump can happen only above that level.
Any violation above 0.99620 will take the pair to next level till 1.000.
On the lower side, any break below 0.9890 (10-day MA) will drag the pair down till 0.9845/0.9780.

It is good to sell on rallies around 0.9945-0.9950 with SL around 1.000 for the TP of 0.9890/0.9840.

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FxWirePro: USD/CHF forms shooting star in daily chart, good to sell on rallies

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