The currency pair USD / CHF on Weekly chart is at a 500EMA Resistance and our STS_RSI_MTF_Indicator shows overbought condition on the large timeframes - Daily, Weekly, Monthly, with an extremely high values above 70.
The STS_ATR_Distance_Indicator shows that since the beginning of the week we have passed 55% of the Weekly ATR (Average Weekly Movement for the last 6 weeks.) There is a high probability that the Currency Pair will make a downward movement with a target of about 160 pips or 23.6 Fibonacci Level from the last daily upswing.
Because of the above arguments, we loaded our STS_Zig_Zag_Bot to open short positions on each H1 candle in which we have an ascending 12-period Zig Zag and close all positions on a descending 20-period Zig Zag on the Daily Chart.
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Get your STS_Zig_Zag_Tester now: https://smarttradingsoftware.com/en/market-testers/prd/sts-zig-zag-tester/
Get your STS_ATR_Distance_Indicator now: https://smarttradingsoftware.com/en/indicators/prd/atr-distance-indicator/
Get your STS_RSI_MTF_Indicator now: https://smarttradingsoftware.com/en/indicators/prd/sts-rsi-mtf-indicator/
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