USD-CHF-LONG
USDCHF Intraday Long Opportunity Welcome back! Here's an analysis of this pair!
**USDCHF - bullish trend on Daily and 4 hr, price above 50 MA, rejection right below 50% fib, wick rejection at support.
Do you agree? Let us know your thoughts in the comments! :)
Please support this idea with a LIKE if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future.
Thanks for your continued support!
Brian & Kenya Horton, BK Forex Academy
USDCHF likely to bounce off support | 21st July 2021Price is likely to bounce off support at the 0.92006 level which coincides with the 38.2% Fibonacci extension, 23.6% Fibonacci retracement and potential graphical overlap support. Price is then likely to rise up to first resistance at 0.91716 which coincides with a graphical swing high as well as the 161.8% Fibonacci extension level. Alternatively, we could see a reversal and drop towards 2nd support in line with 78.6% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support. Price is also holding above the EMA which further strengthens our bullish view.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
USDCHF LONG SETUP IN THE FUTUREThe price reached the bottom of a downtrend, but since we can't really talk about a bottom of a downtrend, it will be a risky trade, because trend is our friend, right? and we should trade in the trend direction. So if we take a look at the RSI combined with the bollinger bands, we see that the price reached the low level on all timeframes. We will wait until the price breaks the 15 min downtrend of the leg and retests the previous high of the 15 min. We may enter around the 0.89500 level after the retest was made, at the closure of an engulfing bar which will break the previous ones. TP1-0.89870, TP2-0.90300, SL-below the low of the 4h, for a safe one.(around 0.89030), or a tight one, below the higher low that will be created, i'd say 0.89230 is a good one.