USDCHF has a correlation -95.1% with EURUSD. This means the trend of USDCHF is directly opposite to the trend of EURUSD and even GBPUSD. On the daily time frame, the "support turn resistance" and the" upper trend line" combined gave us a descending triangle and there was a downward breakout which touched the lower trendline. Currently, we are having a correction which has touched the "Resistance from the Hourly" and we are expecting a downward reversal.
Plan:
1). Place a sell after you see another confirmation red candle to the down-side.
2). If there is a breakout from the "Resistance from Hourly", it could be it wants to retest the "Resistance turn support" level before reversing to its original downward trend.
NB: Follow the trend. Do not place any long trades as we will be going against trend.
Plan:
1). Place a sell after you see another confirmation red candle to the down-side.
2). If there is a breakout from the "Resistance from Hourly", it could be it wants to retest the "Resistance turn support" level before reversing to its original downward trend.
NB: Follow the trend. Do not place any long trades as we will be going against trend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.