Usdchfsell
USDCHF approaching support, potential for a bounce!
USDCHF is expected to drop to 1st support at 0.98756 where it could potentially react off and up to 1st resistance at 0.99337.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
POTENTIAL SHORT TRADE ON USDCHFPrices retest a broken support level as resistance. Friday's candle also closed as a bearish engulfing and there is a sharp breakout of H4 CTL.
We got a pullback to the nearest resistance level to tighten our stop loss and get a good RR.
Now is the right time to short.
Safe Trading!
USD/CHF SELL BIAS (ENTRY UPON BREAK BELOW LL AND NEW LH)
My BIAS for USD/CHF for the upcoming week is mainly SELL.
My reasons behind this are
-We can see previous Lower Lows & Lower Highs with lows breaking below our most previous Higher Low.
-We will be looking now for price to break our previous LL for a 1:3 RR trade & then form new LL and LH then entering again with a 1:3 RR trade at our new LH.
•I will not enter this trade until I see a break below our previous LL & then a perfect FIB retracement of either 61.80% or 78.60% from current LH to our new LL, with a strong rejection candle.
•I am aware price could in-fact reject our previous LL & also Daily Support and shoot up towards our previous LH at 0.98750 or even higher to our Daily Resistance.
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USDCHF approaching support, potential for a bounce!
USDCHF is expected to drop to 1st support at 0.98082 where it could potentially react off and up to 1st resistance at 0.97087.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.