USDCHF Testing a year-old resistance - Bullish Scenario
That green area is a daily bearish orderblock that is now being used as a resistance for the third time.
So far this is the longest consolidation inside of it since we broke below in March 2017, which is a good indication that the resistance is weakening and may be broken anytime.
On the 4H chart, we've hit the local sweet spot for a retracement and are currently aiming to break that resistance.
Since we're still below it, entering now would be risky, but if we wait for the break above, and enter on the retest, we could make it a high probability trade with a target at the next weekly resistance level.
I will update or add a new idea once that happens, but watch for that break.
So far this is the longest consolidation inside of it since we broke below in March 2017, which is a good indication that the resistance is weakening and may be broken anytime.
On the 4H chart, we've hit the local sweet spot for a retracement and are currently aiming to break that resistance.
Since we're still below it, entering now would be risky, but if we wait for the break above, and enter on the retest, we could make it a high probability trade with a target at the next weekly resistance level.
I will update or add a new idea once that happens, but watch for that break.
Comment:
Check out my other idea for the bearish scenario:
