USD/CHF: MTF perspective. Where to set a "buy limit" order?
New week = fresh chart analyses from Investroy.
Today, we are conducting a multi-timeframe analysis on USD/CHF, which is one of the pairs that we have on our watchlist and trade on a constant basis. Firstly, taking a look at the Weekly timeframe graph, it can be observed how the previous Weekly candle has closed in the favour of buyers by developing a nice rejection of the previous area of resistance which now acts as support that aligns with the 50% Fibonacci retracement level. Zooming in and analysing the DAILY timeframe chart, we may notice how a solid ascending channel has been printed and that the price has successfully rejected the lower barrier of it by printing impulsively bullish moves.
Judging by the current price action and overall fundamentals, we believe that the price will continue growing. The question is, what is the best area to go long from? Again, if we take a look at the DAILY timeframe graph, we may clearly see how the price has penetrated the 0.993 - 0.995 key zone but has not retouched it yet. Thus, we will wait for the price to re-test this particular area of support before going long and aiming for the sky.
Have an amazing trading week, family!
Today, we are conducting a multi-timeframe analysis on USD/CHF, which is one of the pairs that we have on our watchlist and trade on a constant basis. Firstly, taking a look at the Weekly timeframe graph, it can be observed how the previous Weekly candle has closed in the favour of buyers by developing a nice rejection of the previous area of resistance which now acts as support that aligns with the 50% Fibonacci retracement level. Zooming in and analysing the DAILY timeframe chart, we may notice how a solid ascending channel has been printed and that the price has successfully rejected the lower barrier of it by printing impulsively bullish moves.
Judging by the current price action and overall fundamentals, we believe that the price will continue growing. The question is, what is the best area to go long from? Again, if we take a look at the DAILY timeframe graph, we may clearly see how the price has penetrated the 0.993 - 0.995 key zone but has not retouched it yet. Thus, we will wait for the price to re-test this particular area of support before going long and aiming for the sky.
Have an amazing trading week, family!