- USDCHF creates rose
- The pair achieve resistance at 0.9050
- The moving average did not reach over 200 periods
Recommendation:
Trade: Entry into a short position in the USDZAR currency pair at market price
- Take Profit: 0,8785
- Stop Loss: 0,9210
Justification
The US dollar has recently supported revenue growth. The USDCHF rose and tested the level of the 200 moving average periods for the first time since May 2020 (orange circles). However, the breakthrough attempt failed and the couple began to correct. It is worth noting that the mentioned moving average is located near the swing level of 0.9050 and also the upper limits of the Overbalance structure. Recent price developments suggest that the USDCHF may soon begin to fall again. We recommend a short position with a target price of 0.8785. We place the stop loss at 0.9210.
Trade closed: stop reached:
Stop Loss: 0,9210