Long term trend: Down
Medium term trend: Up
Significant Levels: 0.9680 (Horizontal Resistance), 0.9540 (Horizontal Support)
In the previous analysis, it is stated that a retracement back to the support level is the preferred trade and it was a success. The price retraced back down to the support and after that, formed a Bullish Pin Bar signal and continued its way up to the resistance again. That was a profitable trade.
Still, the resistance could not be broken. The price still reacted to the resistance and is now making its move down. Again, our preferred setup here is for the price to touch the support and form a bullish signal.
We are bullish with this currency pair. Selling USDCHF is not an option for us. That's why, we will always be buying this at the support area (provided there is a signal).
Trade well.
Medium term trend: Up
Significant Levels: 0.9680 (Horizontal Resistance), 0.9540 (Horizontal Support)
In the previous analysis, it is stated that a retracement back to the support level is the preferred trade and it was a success. The price retraced back down to the support and after that, formed a Bullish Pin Bar signal and continued its way up to the resistance again. That was a profitable trade.
Still, the resistance could not be broken. The price still reacted to the resistance and is now making its move down. Again, our preferred setup here is for the price to touch the support and form a bullish signal.
We are bullish with this currency pair. Selling USDCHF is not an option for us. That's why, we will always be buying this at the support area (provided there is a signal).
Trade well.