USD/CHF - trading idea 03/11/2018

Last week the movement of this pair was rather bullish, but looking on the overall daily and weekly chart the price is below the 200MA and the Ichimoku cloud.  So I will be looking for a put position. For an entry position I will check on the weekly pivot points on the daily chart.

The pivot points are below, currently we are over the PP level, which indicate us that the momentum is bullish, but since the overall trend is bearish, we are in the short zone.

R3 R2 R1 PP S1 S2 S3
0.9843 0.9654 0.9584 0.9464 0.9394 0.9275 0.9086

X Scalper

For a better entry position lets put the pivot points on the daily chart.  I am seeing 2 great opportunities for short trade at R1 and R2.  Both of these levels acted as a support and resistance of consolidation period at January and now should act one more time as a resistance zone. The R2 level will be less riskier as an entry point for a short trade and the exit point could be R1 or even the PP level.

R1 should also be a good entry point considering that we are close to the overbough zone. The exit point again should be the next pivot point.

Please note that this is my view of the chart and you should trade responsibly.