Short USDCHF (S2S) on 27th Feb

 

 

This is the chart shortly after the close of the 3pm candle.

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Selling weakness, buying strength.  The pair has made a retracement of some 60 pips but halted in the previous support/resistance area, and has now completed a 1-2-3 reversal pattern on the 4H timeframe.  Support is also provided by the daily pivot line at the 0.89 handle.  The pair is in a downward trend on the D timeframe, although it has been consolidating as of late, forming a descending triangle.  I will be holding onto half of the trade (if it’s a winner) for a breakout of this descending triangle.

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