USDCHF - Bullish Shark completes at 0.9850
Updated
Next week, I am predicting early week weakness for USD.
USDCHF completed a bearish shark(blue triangle) on Friday and started to fall.
In the upcoming week, we have NFP and we might see USD continue dropping before NFP.
Pattern Identification
We have a bullish shark pattern completing on the H4 chart on USDCHF around 0.9850 - 0.9860.
This is a zone of interest where Shark pattern traders might be interested to go long.
Trade Execution
Before entry, I will have to see a rejection of the PRZ in the form of a pin bar of engulfing candlestick pattern.
SL and TP are indicated on the charts, this is a potentially a 1:2.3 Risk to reward trade.
This pattern will be invalidated if price does not react at PRZ and goes straight to the SL level.
USDCHF completed a bearish shark(blue triangle) on Friday and started to fall.
In the upcoming week, we have NFP and we might see USD continue dropping before NFP.
Pattern Identification
We have a bullish shark pattern completing on the H4 chart on USDCHF around 0.9850 - 0.9860.
This is a zone of interest where Shark pattern traders might be interested to go long.
Trade Execution
Before entry, I will have to see a rejection of the PRZ in the form of a pin bar of engulfing candlestick pattern.
SL and TP are indicated on the charts, this is a potentially a 1:2.3 Risk to reward trade.
This pattern will be invalidated if price does not react at PRZ and goes straight to the SL level.
Order cancelled
The price bounced off the 50% CD retracement, completing a 5-0 pattern.
For the 5-0 pattern, we usually target the 2.0 BC extension as our profit target.
I expect USDCHF to hit 1.0220 soon.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.