FinancialGamblR

Keeping an eye on USDCHF for a potential wedge breakout op

Short
OANDA:USDCHF   U.S. Dollar / Swiss Franc
1. Price held resisted at the 0.9795 mark. Every time price approached this resistance level , you saw a strong bearish reaction each time.

2. Depending on how you draw the trendline, you'll have differing views on whether this wedge consolidation has been broken.

3. I do not like to trade off of trend lines as I like to look at horizontal levels where price has traded to get a sense of buying and selling pressure sources. I'll be monitoring this on the hourly, but I see strong potential for greater downside play if this indeed turns bearish .
Trade active: Great initial push lower on this pair. The next critical level that I'm eyeing is the 0.96 whole number:

Trade closed: target reached: 0.96 target reached.


Often the contrarian. Looking to take structural directional moves with high R potential in order to sustain a lower win rate. I do not disclose my position sizing, scaling, or trade management. View at your own risk.