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...
As you can see this pair has enjoyed a wonderful rally in recent weeks. While the RSI is seriously overbought and has reached to a major level of structure and a reversing signal sitting on the top. I have gone short and expecting it to retrace at least to 0.362 level before deciding further movement. I have marked the tp and sl for your as well.
Market about to change trend and start selling.
RSI signalling overbought at 74 reading.
Get on sell and ride it out.
Warning; trading comes with risks, trade safely and within reason. All charts to be used for guideline purposes.
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)...
Sweet and simple guys. USDCHF is approaching towards a major level of structure where the price has reacted historically both as a support and resistance. RSI is also in overbought zone hence I will be shorting from here on with a possible tp in the next support level.
Trade safe and good luck.
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...
I entered this trade on 15th Feb. Immediately the price fell into profit and I was looking for a close below 1.00500 in order for me to keep the trade open over the weekend. This happened and I as the markets have opened, I am expecting more bearish price action right down to the first target of 1.00000, then the second target of 0.99500.
The price has been...
After predicting successful long (100 pip profit), here's what I believe is next for this pair.
- expecting a minor exhaustion at hourly zone
- then looking for price action confirmation e.g. a bullish engulfing candle close (on 4HR TF)
- then entering long until monthly yellow zone