We're are taking a USDCHF Sell or Short Position.
This is a long term trade which we expect to last one day to one week.
Our stop loss is placed at 1.01500 and we have two take profit targets, the first target is at 1.00300 and the second target is at 0.99700.
The USD-CHF broke the resistance on 12 April and very quickly returned to fall. You can see that it stopped in the breakout zone, meaning that this is the ideal time to enter the long position because it is a support area and we are close to it(we can place our stop loss very close and reduce our risk).
You can also see the Stochastic found in the Oversold.
Looking at the 4 hr chart we see the completion of the butterfly pattern. Again, butterfly patterns signal the end of a trend and in this case is a signal to the upside. Our current strategy is to watch price action and take a long position in the green zone.
In the daily chart, USDCHF is showing bearish candlestick formation for the last 4 days. Candles are having small bodies and long wicks with each candle unable to break the previous high.
Hence, it might be a good idea to go short at 1.0195-1.0220 with SL above 1.0250.
TPs can be set at 1.0130 and 1.0080 respectively.
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USDCHF Rising Wdges Structure - Opportunity for Short
As look in the chart, I bias for Sell in this pattern,
Please use small lots and stop lost.
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This is a very straightforward trade. Following CHF's weakness today across major pairs and a mild USD rally, FX:USDCHF is now back at the top price levels since March 2017, repeating itself over 5 times already. There were a series of higher lows and approximately same highs, forming an ascending triangle on a macro level but a slight bearish...
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