USDCHF Trade Idea
Price action on the weekly timeframe has been stuck within a wide range between 0.94000 and 1.03500
Current price action on the daily timeframe has been steadily bullish and has just broken above a daily resistance level around 0.99000
If we take a look at where price action is we can see it is consolidating in an ascending triangle, this could be an indication that a bullish push is iminent
Ideally we would like to see a break of resistance at 0.9987 with a retest, from there we can target our monthly resistance level around 1.0425 which would make for over a 400 pip trade
If price action falls from this region we will look for a retest of the daily support which will then be daily resistance and target toward our weekly support around 0.97085
Price action on the weekly timeframe has been stuck within a wide range between 0.94000 and 1.03500
Current price action on the daily timeframe has been steadily bullish and has just broken above a daily resistance level around 0.99000
If we take a look at where price action is we can see it is consolidating in an ascending triangle, this could be an indication that a bullish push is iminent
Ideally we would like to see a break of resistance at 0.9987 with a retest, from there we can target our monthly resistance level around 1.0425 which would make for over a 400 pip trade
If price action falls from this region we will look for a retest of the daily support which will then be daily resistance and target toward our weekly support around 0.97085
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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.