Swing trading opportunity in usdchf amid US dollar weakness

I would like to start the blog again with the setup that offer a good swing trading opportunity. Chart below is of USD/chf chart, which tells us that there were efforts to break above if you look at blue rectangle rotation area. Area was rejected earlier as well and you would also see that previous efforts to test the areas resulted in rejection and test of the strong support market with red rectangle.

Set of pinbars in these areas are very strong sign of weakness and Friday fakey setup bar with a long tail pinbar is strong example of price will test the support again and breach the support marked with red rectangle will give away the path for next support lying around 0.9750.

Momentum is getting weaker with strong rejection around resistance

Price action is itself a big blow to the bulls as we have witness strong weakness around parity level earlier as well. We had strong five day weakness if you see the left which took almost a month to test. Then we had a fakey setup bars which were rejected of weak support & now we finally setting up for a strong decline through the support and possibly new bearish trend will follow soon.

Entering here would be more aggressive entry and in case you look at weekly chart there is strong rejection from 1.0050-80 area as well which was the source of decline on weekly as well. On monthly, we can also spot a strong bearish candle which close just above the support 0.9655. I would target that area if I'm given an entry of rejection on weekly bar. Max stop out price Action zone is 1.0095 area. So more safest trade would be entering around 1.0070 and stops 1.0110 & target would be first 0.9850 & then 0.9600

I would prefer test of 50% of the Friday bar which will give us small stops with a stop loss around 1.0050 & target area first should be around 0.9850 & then you can even hold on for more gains or look to close the half or trail your position with breakeven plus 50 or there about.