Potential Gartley forming on 4hr
Triple top on 1D and 1W charts completed last Friday, July 13th and has been in a down trend since then
50 ema crossed under 200 ema on the 15m, creating more resistance in the short term
https://www.tradingview.com/x/gGo3VYiu/
USDCHF is approaching our first support at 0.9957 (horizontal pullback support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 1.0035 (horizontal swing high resistance, 76.4% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (21,5,3) is also ...
USDCHF currency pair is falling to trendline, wait for the price to reach the trendline before buying.
Trend continuation expected.
Do note that this is a short term setup.
USDCHF Failed breakout leading to another test and strong rejection of the ascending trendline followed by a break above the resistance zone.
Details are on the chart. Always use proper risk management.
Happy Trading!
This is a continuation from last week's post. Still holding partial position and may take another position out.
Wait for a break and close above the flag and resistance zone.
Happy Trading!
1.00350 seems to be a strong ceiling for price in the USDCHF. At it two previous attemps breaking above it failed reversing instantly reaching as low as 0.92200. Now testing the same 1.00350 level what we may see that price has been rejected once again - a good sign that the resistance still holds. I am not saying we should see another drop like the 0.92220 one, ...
Price is approaching our first support at 0.9990 (horizontal pullback support, 23.6% Fibonacci retracement) and a strong bounce might occur below this level pushing price up to our major resistance at 1.0059 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension).
RSI (89) is also approaching support where we might see a corresponding rise in price ...
The market gives a very interesting trading opportunity. The price dropped below the cloud. DMI is bearish and ADX line rises. It tells us that the bears become stronger. We should be ready to see the downward movement. Short trades can be opened based on a breakout below 0.99500 level. Stop orders must be placed above 1.00500 level. Profit targets should be at ...
USDCHF is approaching our first support at 0.9990 (horizontal pullback support, 23.6% Fibonacci retracement) and a strong bounce might occur below this level pushing price up to our major resistance at 1.0059 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension).
RSI (34) is also approaching support where we might see a corresponding rise in price ...
USDCHF approaching support at 0.9960 (100% Fibonacci extension, 50% Fiboancci retracement, horizontal overlap support) where price could rise to its resistance at 1.0066 (horizontal swing high resistance). Stochastic (55, 5, 3) is testing its support at 3% where a corresponding rise could occur.
If we look at the daily timeframe of USDCHF we can see that the price is at possible support zone formed by the uptrend line, SMA50, 0.99000 and 0.98500 support levels. RSI confirms a price reversal and it's not far from the oversold zone. MACD histogram supports the upward movement. It's time to buy based on a breakout above 0.99250 level. But if we look at the ...
