USDCHF Short Idea
Price action recently broke out of a bullish trend last week and is now establishing a new bearish trend which we now want to trade with
In order to confirm our short idea we need to see price action retest broken support as resistance. Price action could fall from the current level toward a daily support level around 0.9800 before forming structure
Ideally we want to see price action push up toward our daily 38.2% fib level and daily resistance around 0.9890
From that level we can then consider short positions after a strong bearish signal is shown, there will be a lot of confluence in this area as it is a new major resistance level and moving averages will be right in line with the 38.2%
We will look to target toward the weekly support around 0.97000
Price action recently broke out of a bullish trend last week and is now establishing a new bearish trend which we now want to trade with
In order to confirm our short idea we need to see price action retest broken support as resistance. Price action could fall from the current level toward a daily support level around 0.9800 before forming structure
Ideally we want to see price action push up toward our daily 38.2% fib level and daily resistance around 0.9890
From that level we can then consider short positions after a strong bearish signal is shown, there will be a lot of confluence in this area as it is a new major resistance level and moving averages will be right in line with the 38.2%
We will look to target toward the weekly support around 0.97000
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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.