New Idea-
Anybody else love $WI$$ cheese?
Opportunity to go LONG on the Dollar swiss.
You will see on this chart that the price has clearly been downtrending.
1. Price tumbled to a Monthly Key Level right around the .9665 Region. On the 4Hr time frame we see that two tweezer bottom candles have formed at this level which implies that the sellers might be losing momentum.
2. This downtrend was result of a breakout of a triangle pattern. If you take the mouth of the previous pattern and measure it from the breakout you'll see that is lines up perfect with this level.
3. If you open up RSI on (14) setting you will see that bullish divergence is forming.
As always, we cannot get trigger happy, I need to see more. This pair has been consolidating for months so this breakout is definitely strong. I believe we might see another bounce to test this Monthly support region. If this region holds as support I will be looking for an opportunity to go long and ride the correction wave.
I'd be looking to take profit at 38% and 61% fib levels which line right up with the daily resistance regions I have drawn. But we need to see if this level holds first.
Until next time,
Anybody else love $WI$$ cheese?
Opportunity to go LONG on the Dollar swiss.
You will see on this chart that the price has clearly been downtrending.
1. Price tumbled to a Monthly Key Level right around the .9665 Region. On the 4Hr time frame we see that two tweezer bottom candles have formed at this level which implies that the sellers might be losing momentum.
2. This downtrend was result of a breakout of a triangle pattern. If you take the mouth of the previous pattern and measure it from the breakout you'll see that is lines up perfect with this level.
3. If you open up RSI on (14) setting you will see that bullish divergence is forming.
As always, we cannot get trigger happy, I need to see more. This pair has been consolidating for months so this breakout is definitely strong. I believe we might see another bounce to test this Monthly support region. If this region holds as support I will be looking for an opportunity to go long and ride the correction wave.
I'd be looking to take profit at 38% and 61% fib levels which line right up with the daily resistance regions I have drawn. But we need to see if this level holds first.
Until next time,