USD / CHF: Monday 31st March 2014. 13:45hrs

USD / CHF:

Swissy is in a down trend.
Price has recently pulled back to a level that has previously been a resistance level and formed a Double Top.

Chart below:

 

There is some nice divergence between price and the oscillating indicators on a 60 minute chart.

Chart below:

Price has today broken down through the averages and I am looking for a short position when price pulls back and the 60 minute stochastic is above 50.

Levels below:

1st Entry: 0.8850 (0.5%)
2nd Entry: 0.8860 (0.5%)

Averaged entry: 0.8855 (1% Maximum Risk)

Stop Loss: 0.8890

1st target: 0.8790
2nd Target: 0.8680 (5%)

I will update again should the position be opened and I move the stop loss to Break even.

Have a great week
Namaste
MDT