Cooperr

Multiple opportunities on USDCHF

FX:USDCHF   U.S. Dollar / Swiss Franc
Overall, bulls are in control of the long-term market in USDCHF , however I see that this can quickly change in the coming weeks/months due to this wedge pattern that has formed. I believe that you should always be ready for what the market could potentially do, so I've got 4 points on what action I will take if the market does come to these certain points;

Point 1 (pink arrow) - The market has hit the 0.99800 level and stalled for the past few days, a short-term buy opportunity is what I am taking right now.

Point 2 (red arrow) - If price fails to push up and breaks below the 0.99800 level, I will wait for a retest of the level and a sell signal to take a short trade to the wedge support and 0.98700 level.

Point 3 (blue arrow) - If price does what I said in point 2 and comes down to wedge support and 0.98700, and shows me a buy signal, I will go long. Wedge support,a key level and a price action buy signal is enough confluence to take a long trade for me, it looks to me as if the 200 moving average could play a part in being dynamic support also.

Point 4 (orange arrow) - In contrast to point 3, I know that the market can still break support, if this happens, I will wait for a retest of the 0.98700 level as resistance and also the wedge trendline, and take a short trade to the 0.97500 level.

That's pretty much my analysis set on USDCHF , hope this helps, will be nice to know that someone took these ideas from me and monetised them!

Good Luck trading.