USDCHF: a great LONG opportunity on this ASCENDING TRIANGLE
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢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.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢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.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
