USDCHF Trends Converging Soon
Updated
USDCHF: 4H
Pair is on a recent uptrend. Bounced off of a larger downtrend with 2 touches in the last week. I expect it'll continue to bounce up and down until it makes a break out of this symmetrical triangle.
Still needs time and trendline touches to confirm it's pattern.
If the breakout goes long, make sure to wait for a pullback to bounce off the support/resistance it has passed for entry.
Pattern may continue to go long to challenge the resistance at 0.96347, so if this breaks long, buy in until then.
Entry Point: 0.95267
Pair is on a recent uptrend. Bounced off of a larger downtrend with 2 touches in the last week. I expect it'll continue to bounce up and down until it makes a break out of this symmetrical triangle.
Still needs time and trendline touches to confirm it's pattern.
If the breakout goes long, make sure to wait for a pullback to bounce off the support/resistance it has passed for entry.
Pattern may continue to go long to challenge the resistance at 0.96347, so if this breaks long, buy in until then.
Entry Point: 0.95267
Note
Candle has closed above downtrending line, which indicates this pattern has busted out of it's triangle and is now on track for my predicted position early.Now that is has closed about that line, it will most likely either drop to touch the line again, then jump or it may just jump without a re test.
Safer to wait a couple hours for retest.
Trade active
Entry: 0.95271 BUYS/L 0.94651 (65 pips)
T/P: 0.95901 (63 pips)
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.