Price is approaching our first support at 0.9912 (horizontal overlap support, 38.2% Fibonacci retracement, Elliot wave structure, 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1.000 (61.8%, 100% Fibonacci extension, 78.6% Fibonacci retracement).
RSI (34) is also approaching support where a...
USDCHF is approaching our first support at 0.9912 (horizontal overlap support, 38.2% Fibonacci retracement, Elliot wave structure, 100% Fibonacci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 1.000 (61.8%, 100% Fibonacci extension, 78.6% Fibonacci retracement).
RSI (34) is also approaching support where...
usdchf was gradually lowered from double-zero 1.0000 to YPP 0.98340 in May,
It's trying to get back to the original level unnoticed.
If it is supported by MPP 0.99139, long materials up to double-zero 1.00000 can be tested.
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Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line:...
USDCHF is approaching our first resistance at 1.0096 (horizontal swing high resistance, 78.6% Fibonacci retracement, 100% Fibonacci extension) and a strong reaction might occur below this level pushing price down to our major support at 0.9892 (horizontal pullback support, 23.6% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our resistance and a...
USDCHF is approaching our first support at 0.9832 (horizontal overlap support, 100% Fibonacci extension) where a strong bounce might occur above this level, pushing price up to our major resistance at 0.9891 (horizonal swing high resistance, 61.8% Fibonacci extension).
Stochastic (55,5,3) is also approaching our support where a bounce off this level might see a...
USDCHF is approaching our first resistance at 0.9891 (horizontal swing high resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) and price might potentially drop to our major support at 0.9840 (horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (55,5,3) is also approaching our resistance and a reaction...
USDCHF is approaching our first resistance at 0.9891 (horizontal swing high resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 0.9840 (horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci extension).
Stochastic (55,5,3) is also...
USDCHF broke out of our short term ascending support line and is testing our first support at 0.9848 (horizontal overlap support, 23.6% Fibonacci retracement) where we expect price to breakout and drop to our second support at 0.9731 (horizontal swing low support, 38.2% Fibonacci retracement).
RSI (89) is also seeing a bearish exit and we might see a further drop...
Sell below 0.9848. Stop loss 0.9893. Take profit at 0.9731.
Reason for the trading strategy (technically):
USDCHF broke out of our short term ascending support line and is testing our first support at 0.9848 (horizontal overlap support, 23.6% Fibonacci retracement) where we expect price to breakout and drop to our major support at 0.9731 (horizontal swing low...
USDCHF is testing our first resistance at 0.9960 (horizontal swing high resistance) and a strong reaction might occur below this level pushing price down to our major support at 0.9731 (horizontal swing low support). A breakout below our short term ascending support line and intermediate support at 0.9845 (horizontal pullback support, 23.6% Fibonacci retracement) ...
USDCHF is approaching our first resistance at 0.9955 (horizontal pullback resistance, 23.6% Fibonacci retracement) where price might potentially fall to our support at 0.9856 (horizontal pullback support, 23.6% Fibonacci retracement) which coincides with the short term ascending support line. RSI is also facing bearish pressure as it is approaching its resistance.
USDCHF is approaching resistance where we can expect a strong drop.
Sell below 0.9951. Stop loss 0.9992. Take profit at 0.9856.
Reason for the trading strategy (technically):
USDCHF is approaching our resistance at 0.9951 (horizontal pullback resistance, 23.6% Fibonacci retracement) and we expect price to drop below this level to our support at 0.9856...
USDCHF is approaching our first resistance at 1.007 (horizontal overlap resistance, 50% Fibonacci retracement) which coincides with our short term descending resistance line. A strong reaction might occur below this level, pushing price down to our major support at 0.9957 (horizontal swing low support, 100% Fibonacci extension.
RSI (89) is also testing our major...
Our long is doing great. I hope we will reach top of our mid-term channel soon.
As you can see on this chart, we are at the top of our short-term channel, so I guess market will go little bit down. If it will reach short-term channel bottom it will be great opportunity to build bigger long position.
This chart is related to my previous analysis. Click below...
