Short USDCHF
1. Major resistance level at 0.9405 (horizontal swing high resistance, 23.6% fibonacci retracement level, 100% fibonacci extension level)
2. Prices testing ascending line, formation of a rising wedge which suggests a potential bearish signal, wait for potential breakout of the short term ascending support level - sell entry
3. Major support level at 0.9320 (Horizontal overlap support, 38.2% fibonacci retracement level) and 0.9262 (61.8% fibonacci extension level, horizontal pullback support, 38.2% fibonacci retracement level) - take profit
4. Stop loss prices slightly above the major resistance level at 0.9405
5. RSI potential bearish exit of short term ascending support line
2. Prices testing ascending line, formation of a rising wedge which suggests a potential bearish signal, wait for potential breakout of the short term ascending support level - sell entry
3. Major support level at 0.9320 (Horizontal overlap support, 38.2% fibonacci retracement level) and 0.9262 (61.8% fibonacci extension level, horizontal pullback support, 38.2% fibonacci retracement level) - take profit
4. Stop loss prices slightly above the major resistance level at 0.9405
5. RSI potential bearish exit of short term ascending support line
Trade closed: stop reached
down 12 pips, don't go against the uptrend, especially when the fibonacci extension has been identified
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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.