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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!
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
@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.
FXtrades-gp
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@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!