Hello traders,
As you must have noticed, this pair on a larger view (monthly timeframe) is bearish, weekly timeframe seems bullish but on the daily, price is retracing from the bullish move.
USDCHF is likely to take out the immediate low is created. You will be able to notice this on my chart as I marked it as liquidity. If price breaks this low, I will likely head to our second target as marked in my chart and likely reverse from there.
Note: this is a daily time frame, and if you like this trade idea and will like to take a short trade, I advise you go on lower timeframes according to your trading plan and endeavor to consider risk management. Personally I use the 5min where I look out for price to break structure twice before is set my limit order. This helps me confirm the trade and gives me a better risk to reward.
If you agree with my trade idea, like and follow for more updates.
See ya in my next post.
Bye for now.
David
As you must have noticed, this pair on a larger view (monthly timeframe) is bearish, weekly timeframe seems bullish but on the daily, price is retracing from the bullish move.
USDCHF is likely to take out the immediate low is created. You will be able to notice this on my chart as I marked it as liquidity. If price breaks this low, I will likely head to our second target as marked in my chart and likely reverse from there.
Note: this is a daily time frame, and if you like this trade idea and will like to take a short trade, I advise you go on lower timeframes according to your trading plan and endeavor to consider risk management. Personally I use the 5min where I look out for price to break structure twice before is set my limit order. This helps me confirm the trade and gives me a better risk to reward.
If you agree with my trade idea, like and follow for more updates.
See ya in my next post.
Bye for now.
David