Buy above 0.9527. Stop loss at 0.9500. Take profit at 0.9593.
Reason for the trading strategy (technically):
Price has dropped strongly after making the bearish channel exit. We prepare to buy above strong support at 0.9527 (Fibonacci extension, bullish price action, channel exit potential) for a push up to at least 0.9593 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 3.6% where we expect a further bounce from.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they move in opposite directions. It’s good to see a drop on EURUSD and a corresponding bounce in USDCHF.
Reason for the trading strategy (technically):
Price has dropped strongly after making the bearish channel exit. We prepare to buy above strong support at 0.9527 (Fibonacci extension, bullish price action, channel exit potential) for a push up to at least 0.9593 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 3.6% where we expect a further bounce from.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they move in opposite directions. It’s good to see a drop on EURUSD and a corresponding bounce in USDCHF.
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.
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.