USDCHF forms a promising buy setup. There are multiple confirmations:
1) The pair is in an overall uptrend (Higher Highs + Higher Lows) and is now testing the 61.8% Fib level, which if respected might send the pair up.
2) A rising trendline is providing support at current levels. However, there are only two previous retests of the trendline (ideal would be 3).
3) A very important round-number support at 1.0000. This parity support is the strongest of all round-number supports.
4) The pair has already faced a strong buying pressure around 1.0000 at March 5. There is likely a large cluster of buy orders around the parity exchange rate.
However, we still need a confirmation signal to enter with a long position. A bullish candlestick pattern on the daily chart would be ideal, so we'll likely have to wait for tomorrow's candle before placing a trade.
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1) The pair is in an overall uptrend (Higher Highs + Higher Lows) and is now testing the 61.8% Fib level, which if respected might send the pair up.
2) A rising trendline is providing support at current levels. However, there are only two previous retests of the trendline (ideal would be 3).
3) A very important round-number support at 1.0000. This parity support is the strongest of all round-number supports.
4) The pair has already faced a strong buying pressure around 1.0000 at March 5. There is likely a large cluster of buy orders around the parity exchange rate.
However, we still need a confirmation signal to enter with a long position. A bullish candlestick pattern on the daily chart would be ideal, so we'll likely have to wait for tomorrow's candle before placing a trade.
Like our analysis? Please give us a "Thumb up" and feel free to join our Telegram channel: t.me/CommaFX