We are coming to the end of a correction wave, wave 4, and can now look for potential selling opportunities.
There is strong resistance at 0.9900 which also happens to be a phycology level.
The 61.8% retracement from the previous high is at 0.9893.
Weekly 20 and 50 EMAs are closing in on each other and if they cross this will give us further confirmation.
I will be placing an order as follows:
USDCHF BUY LIMIT @ 0.9900
SL @ 0.9970 (70)
TP @ 0.9575 (325)
Risk:Reward = 4.64
If the order isn't filled I will look to enter the trade manually.
SL just above 78.6% retracement and daily 50EMA.
TP at weekly resistance.
There is strong resistance at 0.9900 which also happens to be a phycology level.
The 61.8% retracement from the previous high is at 0.9893.
Weekly 20 and 50 EMAs are closing in on each other and if they cross this will give us further confirmation.
I will be placing an order as follows:
USDCHF BUY LIMIT @ 0.9900
SL @ 0.9970 (70)
TP @ 0.9575 (325)
Risk:Reward = 4.64
If the order isn't filled I will look to enter the trade manually.
SL just above 78.6% retracement and daily 50EMA.
TP at weekly resistance.
Trade active
Manually entered as reversal looks likelyNote
ORDER CANCELLED before NFP releaseTrade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.