Previous bullish channel was formed however a break of structure occurred around the 114.200 price. The breakout did not happen in one go so there is a sign that the price will bounce off of the previous support as a retest of the breakout before it actually breaks out and the opportunity to go short is opened up.
The USDCHF pair is currently working its way towards the resistance, which has been tested multiple times. Once it hits the resistance we can look to place a sell order towards the support but until then we just let the market do it’s job.
Noticed a double bottom on the daily timeframe and placed a long trade at a price where the reversal should be confirmed. The RSI is also rising which supports the long trade suggestion.
Strong support and resistance that have been tested multiple times. Price has just bounced off the resistance which signals a move towards the support.
An overall bearish trend across larger and smaller timeframes. Strong Resistance that has been tested multiple times. Price is starting to fall from the resistance signalling a move down to the tested support. RSI beginning to fall which supports the bearish channel. MACD peaking which signals a drop in price coming soon.