USDCHF Swing Low| 200 MA| Daily S/R| Price Action
Evening Traders,
Today’s analysis – USDCHF- price action impulse from oversold conditions, further upside probable,
Points to consider,
- Price Action Impulsive
- 200 MA Support
- Swing High Objective
- Daily S/R Target
- Increasing Volume
- RSI Bullish Divergence
USDCHF’s immediate price action is impulsive where taking out swing high will allow us to have a bullish bias.
The 200 MA Support has been well respected, price coming for a back test and holding will allow for a long entry.
The Daily S/R is immediate target that is likely to be tested upon first attempt as this is a critical level.
Current volume profile is increasing; bull volume is critical for sustained follow through in price.
Furthermore, the RSI is trading at its respected bullish control zone, maintaining this level is critical; losing will increase the probability of a deeper pull back.
Overall, in my opinion, USDCHF is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember!
“This lack of support is not simply an absence of encouragement. It can be as deep as the outright denial of some particular way in which we want to express ourselves.”
― Mark Douglas
Today’s analysis – USDCHF- price action impulse from oversold conditions, further upside probable,
Points to consider,
- Price Action Impulsive
- 200 MA Support
- Swing High Objective
- Daily S/R Target
- Increasing Volume
- RSI Bullish Divergence
USDCHF’s immediate price action is impulsive where taking out swing high will allow us to have a bullish bias.
The 200 MA Support has been well respected, price coming for a back test and holding will allow for a long entry.
The Daily S/R is immediate target that is likely to be tested upon first attempt as this is a critical level.
Current volume profile is increasing; bull volume is critical for sustained follow through in price.
Furthermore, the RSI is trading at its respected bullish control zone, maintaining this level is critical; losing will increase the probability of a deeper pull back.
Overall, in my opinion, USDCHF is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember!
“This lack of support is not simply an absence of encouragement. It can be as deep as the outright denial of some particular way in which we want to express ourselves.”
― Mark Douglas