USDCHF How to Trade

USDCHF How to Trade

U.S. Dollar/Swiss Franc
FX:USDCHF

DLavrov

If we look at the daily timeframe of USDCHF             we can see that the price is at possible support zone formed by the uptrend line, SMA50, 0.99000 and 0.98500 support levels. RSI confirms a price reversal and it’s not far from the oversold zone. MACD histogram supports the upward movement. It’s time to buy based on a breakout above 0.99250 level. But if we look at the higher timeframe, we will see bearish signals from RSI and MACD . The weekly chart tells us that the price is going to fall after reversal from 1.00350 resistance level . Based on the signals from the weekly timeframe , it’s better to search for sell opportinites. The short trades look more interesting and they can be opened if the price breaks the support zone on the daily chart . Stop orders for short trades must be placed above the local swing high. Profit targets should be 0.96000 and the zone between 0.94650-094000 levels.
Source: TW DLavrov

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