USDCHF Rebounce from Support Zone
Updated
Timeframe: The trade idea is based on higher level timeframes, specifically the H4 and H1 charts.
Analysis: The USDCHF currency pair presents a compelling long trade proposition. I have identified significant confluence between the 0.61 Fibonacci retracement level and a notable order block, both converging around the 0.903 price mark.
Entry Strategy: Consider initiating long positions in the range of 0.903 to 0.905.
Profit Target: Set a target profit level at 0.91.
Risk Management: In order to manage potential downside risk, a stop loss is advised below the supportive threshold, specifically at 0.901.
Stop Loss Scenario: Should the 0.903 support zone prove to be not strong and breaks, it might signal a continuation of the prevailing downtrend. Under this scenario, we could witness the pair retracing further to a potential level of 0.89600.
Analysis: The USDCHF currency pair presents a compelling long trade proposition. I have identified significant confluence between the 0.61 Fibonacci retracement level and a notable order block, both converging around the 0.903 price mark.
Entry Strategy: Consider initiating long positions in the range of 0.903 to 0.905.
Profit Target: Set a target profit level at 0.91.
Risk Management: In order to manage potential downside risk, a stop loss is advised below the supportive threshold, specifically at 0.901.
Stop Loss Scenario: Should the 0.903 support zone prove to be not strong and breaks, it might signal a continuation of the prevailing downtrend. Under this scenario, we could witness the pair retracing further to a potential level of 0.89600.
Note
Beginning the direction took the right way, but bearish momentum won in the end.let's wait for the next support zones
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