USDCHF'S DOWNTREND CHANNEL,IMPORTANT LEVELS AND POSSIBLE TRADES!
As we had a lot of volatility on USDCHF lately including today we can see on the daily that nothing much happened and we have a wide consolidation with no real trend.
But if we look in a more longer term we can clearly see the downtrend channel.
TECHNICAL OBSERVATIONS
1.We can see how nice price is respecting the Ichimoku clouds so on,until now that price broke above only to find resistance at 0.9750 area that there is a very strong resistance.
2.Pice is currenlty being rejected by the top trend line of the descending channel.
3.Price is currenlty under 200EMA favoring the shorts and finding resistance also at this level.
4.We can also notice that price tried to overcome a lot of times the 50% Fibonacci retracement and couldn't mae it signalling that that the trend is still bearish.
5.We also have to be carefoul beacause the double bottom formed may signaling a trend reversal.
6.A lot of big wicks signaling big money placed it's orders at this area.
7.RSI on neutral level waiting to give us a direction of the thrend comparing to 50 level.
POSSIBLE TRADES
LONG TRADE
ENTRY 0.97700
STOP LOSS AT 0.9700
TARGET PRICE AT 0.98650
SHORT TRADE
ENTRY AT 0.96695
STOP LOSS 0.97700
TARGET PRICE 0.95520
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
But if we look in a more longer term we can clearly see the downtrend channel.
TECHNICAL OBSERVATIONS
1.We can see how nice price is respecting the Ichimoku clouds so on,until now that price broke above only to find resistance at 0.9750 area that there is a very strong resistance.
2.Pice is currenlty being rejected by the top trend line of the descending channel.
3.Price is currenlty under 200EMA favoring the shorts and finding resistance also at this level.
4.We can also notice that price tried to overcome a lot of times the 50% Fibonacci retracement and couldn't mae it signalling that that the trend is still bearish.
5.We also have to be carefoul beacause the double bottom formed may signaling a trend reversal.
6.A lot of big wicks signaling big money placed it's orders at this area.
7.RSI on neutral level waiting to give us a direction of the thrend comparing to 50 level.
POSSIBLE TRADES
LONG TRADE
ENTRY 0.97700
STOP LOSS AT 0.9700
TARGET PRICE AT 0.98650
SHORT TRADE
ENTRY AT 0.96695
STOP LOSS 0.97700
TARGET PRICE 0.95520
THANKS FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
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