USDCHF (Weekly Timeframe) Analysis
Market Structure:
The price is currently testing two significant resistance levels: the first being the upper boundary of a channel, and the second a key horizontal resistance zone. Additionally, the formation of a sell engulfing candlestick pattern suggests increased selling pressure at these levels.
Forecast:
A sell opportunity is expected as the price reacts to the dual resistance zones, with bearish momentum likely to push the price lower.
Key Levels to Watch:
- Entry Zone: Near the resistance levels or after confirmation of bearish rejection.
- Risk Management:
- Stop Loss: Placed above the second resistance level or the recent swing high to manage risk.
- Take Profit: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment:
The confluence of the channel resistance, horizontal resistance, and the sell engulfing pattern reflects a bearish sentiment, with sellers likely to dominate the market in the short term. Proper confirmation is recommended before entering the trade to ensure alignment with market momentum.
Market Structure:
The price is currently testing two significant resistance levels: the first being the upper boundary of a channel, and the second a key horizontal resistance zone. Additionally, the formation of a sell engulfing candlestick pattern suggests increased selling pressure at these levels.
Forecast:
A sell opportunity is expected as the price reacts to the dual resistance zones, with bearish momentum likely to push the price lower.
Key Levels to Watch:
- Entry Zone: Near the resistance levels or after confirmation of bearish rejection.
- Risk Management:
- Stop Loss: Placed above the second resistance level or the recent swing high to manage risk.
- Take Profit: Target the midline or lower boundary of the channel for potential downside movement.
Market Sentiment:
The confluence of the channel resistance, horizontal resistance, and the sell engulfing pattern reflects a bearish sentiment, with sellers likely to dominate the market in the short term. Proper confirmation is recommended before entering the trade to ensure alignment with market momentum.
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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.
✅ Discover my trading strategies signals educational resources 👇
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✅Join my recommended broker World best broker 👇
one.exnesstrack.net/a/negkxt6hhx
✅ Facebook 👇
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t.me/+COYsInxWoMg1OTg8
✅Join my recommended broker World best broker 👇
one.exnesstrack.net/a/negkxt6hhx
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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.