Keeping an eye on USDCHF for a potential wedge breakout op
Updated
1. Price held resisted at the 0.9795 mark. Every time price approached this resistance level, you saw a strong bearish reaction each time.
2. Depending on how you draw the trendline, you'll have differing views on whether this wedge consolidation has been broken.
3. I do not like to trade off of trend lines as I like to look at horizontal levels where price has traded to get a sense of buying and selling pressure sources. I'll be monitoring this on the hourly, but I see strong potential for greater downside play if this indeed turns bearish.
2. Depending on how you draw the trendline, you'll have differing views on whether this wedge consolidation has been broken.
3. I do not like to trade off of trend lines as I like to look at horizontal levels where price has traded to get a sense of buying and selling pressure sources. I'll be monitoring this on the hourly, but I see strong potential for greater downside play if this indeed turns bearish.
Trade active
Great initial push lower on this pair. The next critical level that I'm eyeing is the 0.96 whole number:Trade closed: target reached
0.96 target reached.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.