We have a beautiful setup for the USD/CHF on the D1 timeframe.
- If you take a look at the channel above, we see some optimal movement that may occur to the up or downside
- If price heads up, above the Weekly Pivot Level 0.963601, then we could see a continuation to the Daily R2 Resistance
- At that point, we may see a push back to retest the Weekly Pivot Level and possible continuation to the Daily R3 Resistance and even to previous Resistance Level 0.983866, where price originally broke to the downside of the harmonic pattern formation
- If price heads to the downside, and body breaks and holds below the lower channel line 0.950025, then we may see a push to the demand zone range of 0.944569 – 0.939633 and possibly even further to previous support of 0.932488
Pending Orders
- Long: 0.963601
- Short: 0.95003
- Long Target Zone: 0.97029 – 0.98387
- Short Target Zone: 0.94457 – 0.93249
- SL for each will be the opposite entry
Cheers to another successful week!