Ascending Triangle formed on CHF/JPY It kind of looked like a Cup and Handle but the handle was quite V shape. Instead I looked at the rising lows and how it hit the same highs. Now that the price has broken up, we can expect buy side liquidity to continue. 7>21>200 RSI >50 - Bull divergence Target 151.48
The previous FIBO level already gave a big bounce, therefore we'll be looking to resume buy in all CHF pairs, target is on chart...
Price made a bullish run and met resistance before the Swiss Franc pulled back bearish (50% fib level) to the point of support where price is currently trading. From this level, price has the potential to move Bullish to the price level i have marked with the green horizontal line which is 100% of the 50% fib retracement. Entry - Grey line Stop loss - Red line...
We can currently see this pair retracing thus gaining momentum and also creating bearish divergence for a potential bearish continuation. We can see the same setup on USDCHF. The grey line has been marked at 50% fib level of that bearish move. Should price move to the red line which is our SL, this would invalidate our trade idea. Our tp is marked at 100% of the...
Although we are seeing a long-term rising wedge form, the fruition of a downturn at the end of the wedge is still some months into the future. In all liklihood, we still see a bit of an upward movement given how overcrowded the short trade is according to the bull bear oscillator. A trading week is five days which is why I used 5 day RSI to highlight how poorly...