HUFCHF trade ideas
CHFHUF: Short opportunity of the parabolic rise.The pair has been trading on a steady Higher Low bullish sequence on the 1D chart (RSI = 64.877, MACD = 4.886, ADX = 60.426) since 2019. Recently however it has entered a strong parabolic rise that is currently consolidating. Typically this is a sign of exhaustion and the MACD has already started to roll downwards. We are aiming on a 0.500 Fibonacci retracement at least with 320.00 as our TP.
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CHFHUF: Mid/ Long-term Bullish Targets.The pair is trading on a strong 1D bearish leg (RSI = 37.148, MACD = -1.594, Highs/Lows = -0.8378) that has rebounded on the pivotal 30.000 RSI level. Based on CHFHUF's past price action on that level, we are expecting a medium term rebound to 305.000. On the long term, assuming the Support from the previous Monthly High holds (as it has done since 2018), we are expecting 309.500.
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CHFHUF Higher Sell SignalPattern: Emerging Channel Down on 1D within the wider 1M Channel Up pattern.
Signal: Bearish with the ideal entry once the 1D RSI hits 60.00.
Target: 296.00.
CHFHUF Buy SignalPattern: Channel Up on 1D.
Signal: Bullish once the price approaches the 4H Support.
Target: 300.00 (estimated Higher High).
CHFHUF Head and Shoulders Forming at Major Resistance?On the 1hr chart it looks like CHFHUF is forming a Head and Shoulder pattern, what would confirm a reversal at the resistance shown on the right daily chart .
A strong resistance on the right daily is tested with the head of this potentially H&S .
The combination of these makes this a great R:R trade to try, even if this is not forming an H&S there is still this strong resistance for backup.
Thanks for reading and feedback is welcome!
Wesley
CHFHUF: 1W Channel Up. Potential for new High.The price has been trading within a 1W Channel Up (RSI = 59.050, MACD = 2.419, B/BP = 4.6780) and has just priced a Higher Low (Highs/Lows = 0.0000). A moderate long TP is the previous Higher High at 292.380. A riskier TP is a new Higher High at 296.380.
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Target hit. Channel Up continuation. Long.TP = 286.634 as CHFHUF extended the gains on the 1D Channel Up (RSI = 58.041, MACD = 1.231, B/BP 1.4290) to a 292.000 Higher High. After continuous Higher Lows (Highs/Lows = 0.0000), we expect a narrower Rising Wedge to approach a peak, so we are long again, TP = 295.175.
Channel Up on 1D. Long.CHFHUF is on a 1D Channel Up (RSI = 57.732, MACD = 0.384, Highs/Lows = 1.4859, B/BP = 2.9840) and has just printed its Higher Low. Long taken, TP = 286.634 (previous Higher High).
CHFHUF 2013 trendline correctionCHFHUF Looking Bearish with the daily doji as we look to come down and Retest the 2013 Trend Line. Should see bullish correction within this trendline if retest is successful.
