This move is an aggro swing short and that means I will enter with less size than I would if the pair corrected higher to the 34 period EMA low. Considering the Expected Price Range forecast for this pair over the next 24 hours, I am satisfied with this near-term high and the aggro short.
Remember that the swing short is valid because of the downtrend that this time frame is in. In the larger scope of things, the daily’s bearish Directional Bias increases the likelihood that resistance levels will be sold into as the franc continues to maintain overall strength against the dollar. The follow-through lower on this entry is dependent upon the area between 74.35 and 74.63 holding as resistance on the U.S. Dollar Index. Follow me on Twitter!