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.
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.