A buy signal has been generated for based on the following technical conditions:
SMA50/EMA26 Crossover: The 50-period Simple Moving Average (SMA50) has crossed above the 26-period Exponential Moving Average (EMA26), which is a strong bullish signal indicating a potential upward trend.
Bullish Power Confirmation: Bull Bear Power indicator has confirmed the signal by reaching a specified level that historically correlates with positive price action. This level is carefully selected to filter out false signals and ensure high probability trades.
Trade Setup:
Entry Level: 0.85225 (Based on SMA50/EMA26 crossover) Stop-Loss: 08508 (Determined by the strategy) Take-Profit: 0.8622 (Calculated with a predefined multiplier on risk)
This setup indicates that USDCHF is likely to continue its upward movement, supported by strong technical indicators. Traders should consider entering a long position at the current market price.
Unfortunately, shortly after entering the trade based on the signal, our stop-loss was triggered. The reason for this was the Powell Fed speech, which had a significant impact on the forex markets as a whole and considerably weakened the dollar in the short term.