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