nzdchf bearish + bullish set up
on the nzd/chf set up, I see both a bearish and bullish set up.
on the weekly, it showing a massive bearish trendline with confluence of a resistance zone which is shown on the 1d/4hr chart. Price seems to respect the resistance zone by forming a double top and should hopefully forming another one as well if price decides to create that.
however, price seems to be in an uptrend currently so I am also hoping that the market will drive towards the support zone which is technically a fib retracement of 0.318 if you count this as an uptrend as well.
first trade is a short term one whereas the second trade is a long term trade and if it is correct should drive higher than the take profit listed.
on the weekly, it showing a massive bearish trendline with confluence of a resistance zone which is shown on the 1d/4hr chart. Price seems to respect the resistance zone by forming a double top and should hopefully forming another one as well if price decides to create that.
however, price seems to be in an uptrend currently so I am also hoping that the market will drive towards the support zone which is technically a fib retracement of 0.318 if you count this as an uptrend as well.
first trade is a short term one whereas the second trade is a long term trade and if it is correct should drive higher than the take profit listed.
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