USDCHF Local S/R| Range Low| .50 Fibonacci| Price Action
Evening Traders,
Today’s analysis – USDCHF- deviating back into its trading range with an impulse above range mid, further upside probable.
Points to consider,
- Price Action Impulsive
- Local S/R Support (.50 Fibonacci Confluence)
- Range High Target
- RSI Neutral
- POC Resistance
USDCHF’s immediate price action is impulsive above range low, allowing us to have a bullish bias on the market.
The local S/R is in confluence with the .50 Fibonacci, thus a respect here on first attempt is highly probable.
Range high is the immediate target, breaking this will project a trend trade with continuation.
RSI is currently neutral, approaching oversold conditions increase the probability of an oversold bounce play. The will create enough momentum to take out immediate POC, allowing for follow though.
Overall, in my opinion, USDCHF is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger
Today’s analysis – USDCHF- deviating back into its trading range with an impulse above range mid, further upside probable.
Points to consider,
- Price Action Impulsive
- Local S/R Support (.50 Fibonacci Confluence)
- Range High Target
- RSI Neutral
- POC Resistance
USDCHF’s immediate price action is impulsive above range low, allowing us to have a bullish bias on the market.
The local S/R is in confluence with the .50 Fibonacci, thus a respect here on first attempt is highly probable.
Range high is the immediate target, breaking this will project a trend trade with continuation.
RSI is currently neutral, approaching oversold conditions increase the probability of an oversold bounce play. The will create enough momentum to take out immediate POC, allowing for follow though.
Overall, in my opinion, USDCHF is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger
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