USD/CHF tapping into key level support multiple times now @ 0.9850's.
If price breaks this support, we can enter for a sell position once price pulls back to the same key level area.
TP 1: 0.9803
TP 2: 0.9730
USDCHF all the way from the higher Time Frames is showing Bearish direction.
Here is what we have here on The Daily.
The market has formed Tweezer tops at the resistance line in the sell zone, and the market is already making lower lows and lower highs.
Usdollar by its self is also showing that a bear market is coming.
Reasons For Short:
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=0.999.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=1.001.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
The B point is in the 0.382 to 0.618 range, the C point in the 1.1272 to 1.414 range. After the formation of the final D point we could set profit targets with the Fibonacci retracement by pulling it from the X point to the C point in the 0.618 or 0.382 levels. Nothing is certain yet, but we need to keep an eye out.
USDCHF H3 chart
You can see the area where you can trade above. The direction in which the blue line breaks accelerates the price movements in that direction.
The formation shows you will fall down. You can see that formation on the daily chart at below.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes...
The structure shows price in a correction, meaning there is one more push upward. But considering the levels of support, if the first is broken. I'm selling to the next one, then move to BE. If the second one is broken, my target should be the next fibbonaci expansion level. In case the second level isn't broken, I'll consider some longs.
Just an idea, not a...