forextidings
Long

USD/CHF Making A Symmetrical Triangle & NEXT MOVE

OANDA:USDCHF   U.S. Dollar / Swiss Franc
Put your eyes on the support level trendline (ST) and dynamic resistance (DR) first, USD/CHF is creating a symmetrical triangle. It's also changing trend by hitting at ST or DR. At present, it's at ST .

By that means, it will touch T1 (0.9120), T2 (0.9160), and T3 (0.9180) soon.

And yes, don't forget to notice the rejection zone, tail, and Stoch RSI (throwing a sell signal). It helps to identify the next moves.

U.S Dollar / Swiss Franc may show sideways movement or try to test the last rejection zone low level (0.9082). It can be fake candles.

As I described in the chart, the downtrend starts after breaking our 0.9082 level. And consecutive (2 or 3) -negative candles required to start it. That will blast USD/CHF directly to 05 Aug's low-level. Afterwards, 0.9020 - 0.8990 levels.
Trade closed: target reached: I had written in bold words, "...the downtrend starts after breaking our 0.9082 level. And consecutive (2 or 3) -negative candles required to start it. That will blast USD/CHF directly to 05 Aug's low-level. Afterwards, 0.9020 - 0.8990 levels."

The first target of USD/CHF (0.9020) has come.

Comments

good explanation
+1 Reply
forextidings claudegeneva
@claudegeneva, thank you!
Reply
now go up...
Reply
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