Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
Trade Setup Disclaimer:
All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: USDCHF Bears Are In Control
All charts I provide are of the Daily time frame unless stated otherwise.
USDCHF
Trend: Very Bearish
Key Levels: Broken support key level 0.9853 with next current support at the 0.9716
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The USDCHF pair broke out in momentum at the support level of the trend line and 0.9853 after a strong bearish impulsive move.
With a strong bearish bias that remains intact, I am watching for future bearish movement.
Potential Trade Idea:
I am considering selling this pair again if the broken key level of 0.9853 now holds as a new resistance.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.