USDCHF –waiting for resumption of the main trend 21 Aug, 2023
Anyone looking at the daily chart would agree that the overall flow in this market is bearish. I am waiting for the current counter-trend move to get exhausted and evidence that the bearish move has commenced. Two possible locations of such reversal are the zone I have marked or the major s/r area around 0.900.
I will be monitoring price action on H4 and H1 time frames for some bearish evidence. The initial target is in the 0.8550 region. If, however, we see a bullish continuation move with momentum, my analysis would get negated.
Being prepared for the unexpected is a good policy in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!
I will be monitoring price action on H4 and H1 time frames for some bearish evidence. The initial target is in the 0.8550 region. If, however, we see a bullish continuation move with momentum, my analysis would get negated.
Being prepared for the unexpected is a good policy in trading, so please use sound money and risk management and stay patient in all your trades. If you like my content, please give it a “thumbs up” and follow me to get even more.
What do you think about this trade idea? Please comment and share your thoughts!!