Keeping my eyes peeled on this set-up, waiting for that pullback into the previous structure and some signs of rejection before placing my sell position.
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Long term we have a downtrend on USDCHF. Retail sentiment is also 70% long so looking for shorts here. However, recently price has started ranging and there is a slight uptrend in the last few days.
Either take a risky short now or wait until price breaks out of its current range.
Really anticipating a structural shift on this pair, what ive gathered from the DXY suggests US dollar strength. Therefore, next week im expecting this pair to break out of this descending trendline and shoot up after a re-test of structure.
However, if we don't get this then we will simply move with price and wait for the small range to be broken.
Break of 4hr trend line which will lead up to the 4hr resistance (as highlighted) and then down to the 4hr TP ( as shown) to finish off the triple bottom. Please leave any feedback regarding my analysis, much appreciated.
We look to Sell at 0.9780 with targets of 0.9610 & 0.9600 and a stop of 0.9812
Bespoke resistance is located at 0.9780. Previous resistance located at 0.9800. The 261.8% Fibonacci extension is located at 0.9792 from 0.9589 to 0.9662. Preferred trade is to sell into rallies. The trend of higher lows is located at 0.9601.
USDCHF has pushed through WR1 RESISTANCE and is now headed towards strong resistance at .9792 area. I've placed a SELL LIMIT order at .9792 with a STOP just above at .9813. Looks a decent set-up for a 21 pip risk as USDCHF has failed to break this area since mid-March and even then the BULLS relented after failing to push higher. Average daily range on this pair...
We look to Sell at 0.9686 with targets of 0.9566 & 0.9550 and a stop of 0.9716
Previous support located at 0.9592.
Buying posted in Asia.
Bespoke resistance is located at 0.9686.
The Marabuzo level from the 30/04 is located at 0.9693.
The 261.8% Fibonacci extension is located at 0.9566 from 0.9803 to 0.9712
USDCHF has made steady progress north for the last 24 hours but has now hit the top of the existing channel. With RSI readings becoming stretched, the signs are that this channel may hold the price and we'll see a move south. USD/JPY has sold off steadily for the last 2 hours and possibly USD/CHF will try and catch up. I'm in at .9759 with a STOP above the...