USDCHF: Crucial area of resistance reached; possible drop.
IDEA:
As we can see from the chart we have reached a crucial and very sensitive resistance area on our weekly time frame. We also see a very clear ascending triangle which indicates continuation, thus continuation of our previous downtrend. Looking for possible scalps until 0.92700 or even as low as 0.92200 and upon breakout and retest of our support, possible swings until 0.90300 at our 0.618 Fib Retracement level, THE GOLDEN ZONE!
TRADE POSSIBILITES
Risk/Reward Ratio: 1:2.75
Entry: 0.93600
SL: 0.94700
TP 1: 0.92000 (scalp)
TP 2: 0.90600 (swing)
Always remember to apply proper risk management. The above are only for speculation and educational purposes and should not be construed to be investment advice of any kind.
As we can see from the chart we have reached a crucial and very sensitive resistance area on our weekly time frame. We also see a very clear ascending triangle which indicates continuation, thus continuation of our previous downtrend. Looking for possible scalps until 0.92700 or even as low as 0.92200 and upon breakout and retest of our support, possible swings until 0.90300 at our 0.618 Fib Retracement level, THE GOLDEN ZONE!
TRADE POSSIBILITES
Risk/Reward Ratio: 1:2.75
Entry: 0.93600
SL: 0.94700
TP 1: 0.92000 (scalp)
TP 2: 0.90600 (swing)
Always remember to apply proper risk management. The above are only for speculation and educational purposes and should not be construed to be investment advice of any kind.
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