CHFSGD trade ideas
Don't miss the great sell opportunity in CHFSGDTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.3835). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. CHFSGD is in a range bound and the beginning of downtrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 50.
Take Profits:
TP1= @ 1.3755
TP2= @ 1.3695
TP3= @ 1.3600
SL: Break Above R2
Don't miss the great sell opportunity in CHFSGDTrading suggestion:
. There is still a possibility of temporary retracement to suggested resistance line (1.3835). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. CHFSGD is in a range bound and the beginning of downtrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 50.
Take Profits:
TP1= @ 1.3755
TP2= @ 1.3695
TP3= @ 1.3600
SL: Break Above R2
Rising wedge forms on SGDCHFA rising wedge requires at least 3 touches for it to be valid. The prices are making higher highs and higher lows. A rising wedge is considered a terminal pattern and hence the bullish momentum must eventually come to an end. SMA 50 is below SMA 200 and the breakout candle has closed below SMA 200. Since SMA 50 is below SMA 200, it implies that the long term bias is still bearish. Stop-loss is placed at the last swing high. We have three take profit levels and they are the respective swing lows and are potential areas of support.
CHFSGD: Sell opportunity on the next top.The pair has been trading within a 1D Channel Down (RSI = 42.510, MACD = -0.005, Highs/Lows = -0.0006) since the August High. On a wider time frame the current price action appears to be replicating the October-November 2019 period when a similar Channel Down made a temporary bottom on the 1D scale, spiked to a Lower High before making the May bottom.
With the 1D RSI forming a similar sequence as well, we are expecting a similar pattern. The next rise towards the 1D MA50 (blue line) is a sell opportunity for us with 1.34200 - 1.33500 the Target Zone.
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CHFSGD is under Key Level!The price is under Key Level 1.3950 at the time.
If you looking for Sell with this instrument i show you the best place for entry, it's better to wait for pullback to Key Level for better risk/reward ratio.
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