FXtrades-gp

USDCHF: a great LONG opportunity on this ASCENDING TRIANGLE

Long
FX:USDCHF   U.S. Dollar / Swiss Franc
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🟢Forex Pair:
USD/CHF

Technical Analysis:
In weekly time frame, since the 2015, the price has been moving following a side trend, and only in August 2020 it broke through the main support level at about 0.90700.
It's currently still following a downtrend.

In the daily time frame, since March 2020, the price has been following a strong and interesting falling wedge , bouncing and getting its last rejection on its dynamic support line on the 5th of January 2021.
It has currently reached a daily resistance zone and there is a possibility to see the price growing more.

In the h4 time frame, the price is creating an interesting ascending channel and it's now retesting its dynamic support line. The next price action will be essential to understand the next market movement!

🔴Conclusion:
The triangle is usually a continuation pattern, as we can see in this chart the price got many rejections on its dynamic support line, failing any attempt to break it.
I'm confident to see the price moving up, breaking through the resistance zone at about 0.89200 and growing more until the next main S/R level , that would be my target.
I don't suggest to open any position right now, instead I'll be waiting for the breakout of the resistance zone before to plan any long position.

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Your analysis is great, thank you
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, thanks a lot man! :) really appreciate
Reply
Nice setup friend !+++++
+1 Reply
@FOREXN1, many thanks! I really appreciate that :)
Reply
I upvoted with you. great technical setups today, well done!
+1 Reply
@abel11, thanks abel! glad to hear that!
Reply
Yes,I am also bullish.
+1 Reply
FXtrades-gp MountainTraderFX
@MountainTraderFX, oh, nice to know!! let's see then! :)
Reply
let see I agree
+1 Reply
FXtrades-gp airforexoneJAVIER
@airforexoneJAVIER, hopefully! many thanks Javier! :)
Reply
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