USDCHF is an indirect currency pair also known as "Swissie" in the forex markets. Price moving in the Rising parallel channel from 04-May-2023 as mentioned in the price chart. The price rejects the resistance area and closes below that means the price going toward support in the channel. The price traded above 200 MA ( moving average ) and moving in the rising channel indicates a bullish trend. So initiate long positions near Optimal trading or when the price retests the Support line of the channel after being confirmed by closing above. On the Other side, Volume indicates buyers lose momentum partially. So if the price breaks the channel downside and closes below then short selling is suitable after finding a bearish price action structure.
Support and Resistance levels for day trading ;
Pivot Point Level: PP 0.9102
Support Levels: S1 0.9057, S2 0.9009, S3 0.8964
Resistance Levels: R1 0.9150, R2 0.9195, R3 0.9243
Support and Resistance levels for day trading ;
Pivot Point Level: PP 0.9102
Support Levels: S1 0.9057, S2 0.9009, S3 0.8964
Resistance Levels: R1 0.9150, R2 0.9195, R3 0.9243