SGDCHF trade ideas
SGDCHF Rising Wedge TL BounceBefore I begin I would like to thank anyone who provides feedback.
Observing the D and 4h timeframes of SGD/CHF, there is a rising wedge taking place and we are currently testing the lower TL. The price also just tested the .618 fib level (.7150).
We just broke a key price area of .718 and this can act as a resistance point . If this hits resistance and the wedge is broken, then a very nice short opportunity will form.
The next area of significant resistance past the price of .718 is the .382 fib (.7225) that has played a reversal area in the past weeks. We can see a retracement back to .718 that will act as support.
The first TP area is where a lower high would form that is right on the .236 fib (.7271)
The second TP area is the top of the rising wedge TL (.7320).
I have placed the stop below the .786 fib (.7097) as this will invalidate the continuation of the wedge.
Thank you, feedback welcomed!
Long Term, Big Reward Play on CHFSGD Wait for another month or so, then look for Swiss Franc to shoot up come October into the new year.
