USDCHF trading setup in Nov 2017

Target 1: 0.9883 (0.5 fibo)
Target 2: 0.9774 (0.382 fibo)
SL: Daily close above 0.618 fibo

Above chart shows the daily price of  USDCHF pair. The weekly sentiment is bear and target justification based on our trading setups are as following:

i. Huge resistance at 0.9992 (0.618 fibo)

A breakthrough of that level but failed to close the candle above, a sign of bearish reverse signal.

ii. Doji reverse candle

iii. Relative Strength Index

The daily RSI above 70 indicates over bought situation. Previous data also shows that when USDCHF reach this level, it is likely a retracement will take place.

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