USD/CHF - Sell Opportunity
Updated
Whats up traders, I hope you all had a wonderful Christmas and are now refreshed for a fresh week of trading.
Here we have USD/CHF on the 4H chart.
USD/CHF has been in a gentle downside correction move after the strong upside rally that previously went up to 0.9960. Price has been having a gentle downside correction ever since, and I am expecting price to have a down move and a bounce soon.
After this correction finishes, there is a possibility of a bounce, which could be a good up move opportunity. Price is currently at a side-wards resistance level at 0.9890, and price has began to show reversal candlesticks . The candles could suggest a change of command from the bulls to the bears, and I believe the bears could potentially capture this move if the next few candles get the better of the bulls.
If price fails at the current side-wards resistance at 0.9890, price could move down to one of the support zones outlined on my chart.
If price begins a reversal at the current resistance , I am expecting a corrective down move to the structure target of 0.9830. If price breaks down and hits the second support zone on my chart, I am expecting price to move down to 0.9730.
For those of you who use indicators on their charts, there is also a compelling bearish divergence on the Stochastic indicator. This strongly supports the down move in my analysis.
I will be updating this analysis if it exceeds 30 likes.
Here we have USD/CHF on the 4H chart.
USD/CHF has been in a gentle downside correction move after the strong upside rally that previously went up to 0.9960. Price has been having a gentle downside correction ever since, and I am expecting price to have a down move and a bounce soon.
After this correction finishes, there is a possibility of a bounce, which could be a good up move opportunity. Price is currently at a side-wards resistance level at 0.9890, and price has began to show reversal candlesticks . The candles could suggest a change of command from the bulls to the bears, and I believe the bears could potentially capture this move if the next few candles get the better of the bulls.
If price fails at the current side-wards resistance at 0.9890, price could move down to one of the support zones outlined on my chart.
If price begins a reversal at the current resistance , I am expecting a corrective down move to the structure target of 0.9830. If price breaks down and hits the second support zone on my chart, I am expecting price to move down to 0.9730.
For those of you who use indicators on their charts, there is also a compelling bearish divergence on the Stochastic indicator. This strongly supports the down move in my analysis.
I will be updating this analysis if it exceeds 30 likes.
Note
Brand new analysis posted on ETH/USD on my TradingView! Check out my TradingView profile to see more!
Trade closed: target reached
I have taken profits here, and also signaled that my FOREX private signals group does the same. Well done to everyone who was able to tae advantage of this trade!
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Brand new analysis posted regarding BTC/USD on my TradingView profile.This post gives my latest thoughts about BTC/USD and looks atthe ideal places to be a buyer.
Check it out now!
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Brand new ETH/USD idea just published on my TradingView! Check out my TradingView profile for my latest thoughts on Ethereum!
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