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Usdchftrade

USDCHF testing major resistance, remain bearishSell below 0.9734. Stop loss at 0.9756. Take profit at 0.9675. Reason for the trading strategy (technically): Price is now testing major resistance at 0.9734 (Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to drive price down to at least 0.9675 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension). RSI (34) has broken below our long term ascending support-turned-resistance line signalling that a change in momentum is about to be seen in price. It is also now on pullback resistance.
Short
by MEX_Exchange
USDCHF right on selling area, remain bearishSell below 0.9762. Stop loss at 0.9811. Take profit at 0.9641. Reason for the trading strategy (technically): Price is once again right on our selling area. We remain bearish below major resistance at 0.9762 (Fibonacci retracement, Fibonacci extension, bearish divergence) for a drop from this level to at least 0.9641 support (Fibonacci extension, horizontal swing low support). Stochastic (55,5,3) is seeing strong resistance below our 98% level where multiple reactions had occurred in the past. We also see bearish divergence vs price signalling that a drop is impending. Correlation analysis: We’re seeing a drop on USDCHF and similarly a bounce on EURUSD which goes in line with its negative correlation with each other.
Short
by MEX_Exchange
USDCHF testing major resistance, time to start sellingSell below 0.9732. Stop loss at 0.9811. Take profit at 0.9614. Reason for the trading strategy (technically): Price is now testing major resistance at 0.9732 (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance, bearish divergence) and we expect a strong reaction off this level for a further drop to at least 0.9614 support (Fibonacci extension, horizontal swing low support). RSI (34,5,3) is seeing bearish divergence vs price signalling that a strong reversal is impending.
Short
by MEX_Exchange
USDCHF profit target reached perfectly, prepare to buyBuy above 1.0000. Stop loss at 0.9946. Take profit at 1.0100. Reason for the trading strategy (technically): Price has dropped perfectly and reached our profit target as expected. We prepare to buy above 1.0000 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a push up to 1.0100 resistance (Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is fast approaching support at 4% where we expect a bounce from. Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they usually move in opposite directions. We’re expecting a drop in EURUSD which goes in line with the rise we’re expecting on USDCHF.
Long
by theforexarmy
USDCHF remain bearish below strong resistanceSell below 1.0068. Stop loss at 1.0114. Take profit at 0.9973. Reason for the trading strategy (technically): We continue to remain bearish below 1.0068 resistance (Fibonacci retracement, horizontal overlap resistance, descending resistance) as we look to play the drop towards 0.9973 support (Fibonacci retracement, Fibonacci extension). Stochastic (34,5,3) is now on pullback resistance where we expect another bearish reaction to occur.
Short
by theforexarmy