BluetonaFX - USDCHF Support Trendline Break Pullback
Hi Traders!
USDCHF is currently on a pullback and may possibly target October's high at 0.92448 for a price retest.
Price Action 📊
The market previously broke its long-term support trendline and is now on a pullback towards the trendline. There was also a recent falling price wedge break above the wedge resistance, which is also bullish. We are now looking for a break and a close above the 20 EMA for a final confirmation signal.
Fundamental Analysis 📰
The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter.
Support 📉
0.89632: PREVIOUS DAY'S LOW
0.88949: 50% FIBONACCI RETRACEMENT LEVEL
Resistance 📈
0.90049: PREVIOUS DAY'S HIGH
0.92448: MONTHLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
USDCHF is currently on a pullback and may possibly target October's high at 0.92448 for a price retest.
Price Action 📊
The market previously broke its long-term support trendline and is now on a pullback towards the trendline. There was also a recent falling price wedge break above the wedge resistance, which is also bullish. We are now looking for a break and a close above the 20 EMA for a final confirmation signal.
Fundamental Analysis 📰
The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter.
Support 📉
0.89632: PREVIOUS DAY'S LOW
0.88949: 50% FIBONACCI RETRACEMENT LEVEL
Resistance 📈
0.90049: PREVIOUS DAY'S HIGH
0.92448: MONTHLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Target Area Reached
