Price broke bearish and retraced bullish. I have marked the grey line which would be a 50% retracement of the bearish move. Price has formed bearish divergence and potential to move bearish towards to green line i have marked.
Risk exposure - 1%
Risk to Reward - 1:2
Happy Trading All.
USDCHF looks like its pulling back,bulls tried turning diagonal resistance into support but with the daily closing inside it looks like they have failed.
Do not feel comfortable shorting, reason being strong key resistance turned support just below (Nov/March high) and 0.382.
Bulls did not set much support on the way up so losing the 1.01250 level could cause a...
This pairing is in an interesting place at the moment because it is reaching weekly highs it hasn't seen since August 2010... 9 years, price is currently 100 pips away from this level so we could see a bullish run up to it.
Another possible outcome is the 1 we have drawn on the chart, price could come back down to retest this trend line that has formed and make a...
We have a potential long opportunity approaching upon a rejection of the 0.618% Fibonacci, Daily 50EMA, third touch of an inner ascending trendline and round psychological number of 1.0000. Entry price would be 1.00050, with stops of 35-40 pips below. Target 1 would be initially be 1.01250 (Weekly resistance - we have not had a close above this for some time)...
We can see that price has respected this lovely trendline TL many times before, and we are expecting price to continue doing this... So we are going long on this position with a possible very good risk to reward target.
Get on this trade and thank us later... mines a vodka and redbull :p
You can see a resistance zone ( green box ) and a lovely trend line ( TL ) that price has been following and respecting as support for over a month, price recently broke through this TL and is now coming back up to test it as resistance.
Where price will meet the TL is also in our resistance zone so this is a STRONG SELL, line this up with the weakening USD at...
Marked on the chart you can see key support and resistance levels ( green lines ) and where price has touched these key levels ( purple arrows )
Yesterdays candle hit resistance level 0.99892 and retraced, todays candle has also nearly touched this level so we will be looking for price to close below 0.99892 today at market close to see if price is yet again...
Waiting for a re-test of the previous support level. Once broken expect price to fall to major support level visible on 240 chart. If price bounces back to previous level, their will be a potential short buy. All in all, looking for a long sell.