FXtrades-gp

USDCHF: The price is BOUNCING on its main TRENDLINE

Long
FX:USDCHF   U.S. Dollar / Swiss Franc
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🟢Forex Pair:
USD/CHF

Technical Analysis:
On the 29th of January 2021, once the price reached its main trendline, it got a strong bullish impulse, breaking through a strong S/R level at about 0.89250, reaching in a few days an interesting zone at about 0.90400.
On that level, the price got a rejection, falling down until its previos S/R zone and it's currently moving just really close to its main trendline.
There is a nice possibility to see a new bounce on that trendline, considering that the current trend correction is overall around the 0.61% of Fib retracement of its previous bullish impulse.

🔴Conclusion:
I'm confindent to see the price moving up again until the level at about 0.90400, and here the reasons because I believe this direction:
- The main trendline rejected the price several times since the beginning of January;
- The current zone at about 0.89300 is really a strong S/R zone, as you can see in the chart;
- The trend correction is now on the 0.61% of Fib retracement;
- The price is oversold and with high volatility ;

I'll be waiting for a clear rejection on the current level before planning a long position on this trade!

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

@FXtrades-gp it has formed one bullish candle on the 4hr time frame. Is it time to buy? Thanks for the analysis by the way, that’s a follow.
+3 Reply
FXtrades-gp Forexislife110
@Forexislife110, Hi, I'm glad you started following my channel, thanks a lot! :)
so, I'd suggest you to keep this market in your watchlist, if the price will close around the level 0.89500 (with a clear rejection like a nice upbar) then I'll definitely entry long!
Reply
Powerful
+2 Reply
FXtrades-gp stmahanke
@stmahanke, Hi and thanks for your feedback!
Reply
This support is ironclad, so yes, I agree, a long indeed!
+2 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals fantastic ! I’m glad of ur support ! 👌👌😁
Reply
any chance to goes up again ?
+1 Reply
FXtrades-gp Harpagus_Traders
@Harpagus_Traders hi! I’m waiting the closing daily bar , so I’ll give you a better update this evening :)
Reply
Good stuff buddy! Thank you!
+1 Reply
FXtrades-gp KlejdiCuni
@KlejdiCuni, many thanks, I'm so glad of that! :)
Reply
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