USDCHF - Sell on Rally!
Updated
- We have a trendline break on the 4H chart with a very strong and powerful candle.
- Short-term lower lows and lower highs
- Previous support level starting to work as a resistance
- Previously worked trendline starts to work after the powerful break below as resistance and it should be a classical retest situation.
- EMA 100 and 200 have a Death Cross on the 4H chart, which will be supporting current break below the trendline
- Fibonacci Retracement 38%
- Retracement from the semi-round number 1.0500
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Have a nice day
Cheers!
- Short-term lower lows and lower highs
- Previous support level starting to work as a resistance
- Previously worked trendline starts to work after the powerful break below as resistance and it should be a classical retest situation.
- EMA 100 and 200 have a Death Cross on the 4H chart, which will be supporting current break below the trendline
- Fibonacci Retracement 38%
- Retracement from the semi-round number 1.0500
Feel free to support my effort by hitting the "LIKE" button, it is my only fee from You!
Have a nice day
Cheers!
Note
Definitely, it doesn't look like a rally, if the current 4H candle gets a close above those orange lines then the price may reach into the 1.00800. So, a close above the previously worked support levels makes this trade vulnerable but watch it closely, how the Daily candle ends and etc.Trade closed: stop reached
The rally was too much for ask but as said before the 4H candle close that the price may reach into the 1.00800. The mentioned scenario occurred and actually, this setup is invalid, it happens!
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