double top and overbought market

15 Feb 2019

hey guys,

this Friday morning I want to focus your attention on dollar swiss pair.

Watching this pair on a daily we see that the market is approaching 1.01 level,
a significant level of structure looking left.
Also take into consideration overbought RSI.


on a 4h chart we have a nice double top pattern and decent rsi divergence.

also take into account a rejection candle 11th Feb. As you see bulls we trying to establish new market high,
however, we see a clear rejection.

last but not least, the market follow a rising trendline,
bearish violation of this trend line will trigger a selling reaction.


now we are waiting for a bearish violation 1.005 level to sell the pair.

Targets are based on structure.

Stop above tops.

good luck!

15 Feb 2019

Nota

One more test

18 Feb 2019

Nota

decent bearish violation of support

18 Feb 2019

Nota

potential retest of a broken level