Evening Traders,
Today’s analysis – USDCHF – trading at a potential double bottom formation where a bounce is probable,
Points to consider,
- Price Action Corrective
- Double Bottom Support
- Structural S/R Resistance
- RSI Oversold
USDCHF’s immediate price action is trading at a key location that has equal lows, allowing for a bullish bias.
The Structural S/R is current resistance, testing this level is highly probable once a bounce get on the way.
The current RSI is over-extended, a reversion it is mean is likely from current extended regions.
Overall, in my opinion, USDCHF is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong
Today’s analysis – USDCHF – trading at a potential double bottom formation where a bounce is probable,
Points to consider,
- Price Action Corrective
- Double Bottom Support
- Structural S/R Resistance
- RSI Oversold
USDCHF’s immediate price action is trading at a key location that has equal lows, allowing for a bullish bias.
The Structural S/R is current resistance, testing this level is highly probable once a bounce get on the way.
The current RSI is over-extended, a reversion it is mean is likely from current extended regions.
Overall, in my opinion, USDCHF is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong
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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.
Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
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.