USDCHF potential Sell setup
We have a nice break of trendline here. I will be looking for sells after a retest of broken trendline and a confirmation of a continuation to the downside. Take profit levels will be at areas where price previously bounced off or touched support trendline during its upward journey prior to the break of trendline. A return back into the uptrending channel and a continuation to the upside invalidates this setup. It is important to note the presence of the 200Ma at the trendline resistance area also acting as additional dynamic resistance and indicating the possibility of that region being a place where sellers could have potentially stationed their forces to push the price down if it returns there. This setup should be on your radar for trading in the coming week as we've reached the end of this trading week. Cheers!
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.