Usdchfbearish
USDCHF Sell!USDCHF has been trading inside a rectangle for years now ! just recently price retested the upper limit of the rectangle pattern and got pushed down vigorously ! I believe that this time around , price would be able to break through the support of 0.95500 and push down all the way to 0.94740 ! my final Target for now is 0.94740 !!
Keeping an eye on USDCHF for a potential wedge breakout op1. 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.
USDCHF TO PUSH LOWER As previously highlighted, we saw a potential bearish move on this pair. During the past week, USDCHF began to push lower and it is currently at a point of support where we may see price retrace to gain some momentum before prices continues to to push lower to our TP and to another strong point of support which is at the trendline.
Entry - Grey line
Stop loss- Red line
Green line- Take profit
Risk exposure - 1%
SHORT DOLLAR SWISSTechnical entry signal short on 07/25 @0.99068. Entry trigger @0.98768. Price is currently sitting on support around the 0.98750 level, but has penetrated the bottom of the triangle.
Criteria: I entered this trade early, probably too early, today @0.98723. I would like to see price action close below 0.98765 and the 9 period EMA below both the 14 and 40. Further, RSI needs to print below 49. If these criteria are met I will add a couple more lots. Initial target is currenlty @0.97460.
We'll see how today (perhaps the rest of the week) plays out.
USDCHF Good SellUSDCHF is showing a nice selling opportunity on the dialy time frame. It has broken a support and is now heading towards the lower range. Chances of this lower range to break are high because Stoch shows a fresh bearish cross over and on the ADX indicator you see the red line (bearish trend) is about the take over the green line! So this has a chance to be a great sell.
TP: 0.9845
TP2: 0.9760
Stop: 0.9980