Technical Anlysis: USD/CHF
The daily chart indicates an upward trend with the prices still above the SMA 100. Both the weekly and the H4 chart indicate the same trend. The daily chart indicates bearish candles from last Thursday and Friday but I am looking for the previous uptrend to resume. This bearish reversal was a false alarm likely from the fed release that slightly shook the equity markets on Thursday.
The current price level rests on the horizontal support at 0.95888. Also price is trying to break through a recent diagonal support line. The buy signal is clear from the divergence of both the k% and d% stochastic at the H4 chart.
If the Fibonacci level at 23.6% is crossed I am looking for prices to go higher back to the levels at the beginning of last week.
With a risk/reward ratio of 1:3, I am looking to buy at 0.96450(23.6% fib level) and sell at 0.98400(0.0% fib level). the stop loss is 620 points from the entry level and 120 points lower than the the support at 0.95888.
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