⏳ Let's analyze the USDCHF forex pair together.
📉 In higher time frames, such as the weekly chart, we are still in a downtrend, and we have recently reached the weekly resistance at 0.90935.
⏳ In shorter time frames, like the 4-hour chart, however, after a decent uptrend, we are currently consolidating within the range of 0.90077 and 0.90935.
🛑 For long positions, our resistance is defined, and after breaking 0.90935, we can open a position, but the stop loss must be logical as we are breaking a resistance on a higher time frame, and there might be oscillations.
🔽 For short positions, since we are still in a downtrend in higher time frames, any upward movement can be a good point to short. However, in the 4-hour time frame, we can consider a trend reversal early on, and after breaking the support at 0.90077, we can open our short position.
🎯 Our targets are based on risk to reward, but as for support and resistance, upcoming support after trigger activation is at 0.88868, 0.88237, and 0.87650, and upcoming resistance is at 0.92221.
📊 For a potential retracement, in case of a downtrend, we can expect a bounce from the range of 0.88888 due to being 50% Fibonacci and 50% Dow Theory range.
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📉 In higher time frames, such as the weekly chart, we are still in a downtrend, and we have recently reached the weekly resistance at 0.90935.
⏳ In shorter time frames, like the 4-hour chart, however, after a decent uptrend, we are currently consolidating within the range of 0.90077 and 0.90935.
🛑 For long positions, our resistance is defined, and after breaking 0.90935, we can open a position, but the stop loss must be logical as we are breaking a resistance on a higher time frame, and there might be oscillations.
🔽 For short positions, since we are still in a downtrend in higher time frames, any upward movement can be a good point to short. However, in the 4-hour time frame, we can consider a trend reversal early on, and after breaking the support at 0.90077, we can open our short position.
🎯 Our targets are based on risk to reward, but as for support and resistance, upcoming support after trigger activation is at 0.88868, 0.88237, and 0.87650, and upcoming resistance is at 0.92221.
📊 For a potential retracement, in case of a downtrend, we can expect a bounce from the range of 0.88888 due to being 50% Fibonacci and 50% Dow Theory range.
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
