As market fast approaches this resistance level,if market decides to take a tumble down again, then we will find support at the 2 TP levels identified on the chart, which isn't necessary where the market will end but where i will TP for now.
Please note that this chart is an opinion based chart only. Please trade at your own risk
After a 100 pip drop from the previous high we decided to recommend a buy signal, Here are the reasons:
1. Stochastic is at its bottom in the 12-point area and its lines intersect properly for a buy signal
2. The price of usdchf is currently on the interesting support of Senkou Span (Ichimoku indicator)
3. The cloud of the Ichimoku still uptrend cloud
For anyone who does not know what a double top is- a bearish technical reversal pattern (without elaborating too much...) The nearest target for the usdchf would probably go to 0.9970 and if it falls below this price then the usdchf could fall further towards 0.9920
Entry Price: 1.0002
Stop Loss: 1.0040
The pair has broken the yellow trend line and we are predicting it will complete the harmonic pattern and hit our price target which is on the green zone. The zone also coincidences with the completion of the 4th leg and the pattern as a whole. FX:USDCHF
As can be seen in the graph above there is a serious resistance at 10090 price, each time the usdchf touched this resistance it fell, the first time the fell was relatively large and each time it shortened more and more it usually signifies that the sellers are getting weaker, We think this time it will break this resistance and then the price of the USDCHF will...