Evening Traders,
Today’s analysis – UCDCHF – trading above its daily s/r where a respect is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
- Local S/R Resistance
- Swing High Objective
USDCHF’s immediate price action is impulsive, trading above is daily s/r, allowing for a bullish bias into the local s/r only.
The local s/r is current resistance, testing this level is likely to be a bearish retest, allowing for a short entry.
The .382 Fibonacci is in confluence, proving to be a true trade location.
Overall, in my opinion, USDCHF is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeaje
Today’s analysis – UCDCHF – trading above its daily s/r where a respect is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
- Local S/R Resistance
- Swing High Objective
USDCHF’s immediate price action is impulsive, trading above is daily s/r, allowing for a bullish bias into the local s/r only.
The local s/r is current resistance, testing this level is likely to be a bearish retest, allowing for a short entry.
The .382 Fibonacci is in confluence, proving to be a true trade location.
Overall, in my opinion, USDCHF is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeaje