Resistance Turned Support
Quick first glance idea,
Price had been pretty sideways on USDCHF for the latter part of 2016, and in the last few months it broke above resistance, which led to a rally all the way up to a previous yearly resistance level. It is now coming back down to retest resistance as support , and price is bouncing off the zone.
Also, taking a look at the 1H chart, there's currently an upside down quasi-head & shoulders pattern, which may suggest continuing bullish movement.
Looking to take this trade with stops below support - 0.99000, and long term targets at 1.02000 and 1.03400 for about 1.5:1 to 3:1 risk to reward
We'll see what happens....
Price had been pretty sideways on USDCHF for the latter part of 2016, and in the last few months it broke above resistance, which led to a rally all the way up to a previous yearly resistance level. It is now coming back down to retest resistance as support , and price is bouncing off the zone.
Also, taking a look at the 1H chart, there's currently an upside down quasi-head & shoulders pattern, which may suggest continuing bullish movement.
Looking to take this trade with stops below support - 0.99000, and long term targets at 1.02000 and 1.03400 for about 1.5:1 to 3:1 risk to reward
We'll see what happens....
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