USDCHF - Another Market for the Future Trading
This market also can be added in the watchlist. The price is at an important resistance zone formed by SMA200, the uptrend line, the downtrend line, and 1.0000 resistance level. The price action in this zone will be able to provide us more details about the further market movement. This zone also is good for getting trading signals for buying or selling.
If the price bounces from the downtrend line and the resistance level, it will be possible to open sell trades based on the daily and lower timeframes. Stop orders must be placed above the uptrend line and the local swing high. The profit targets should be the support levels based on the round numbers. Open short trades based on a confirmed reversal signal.
If the price breaks the resistance zone, it will be a signal that the market is going to continue the uptrend. It will be possible to open the long positions based on the daily timeframe with stop orders below the local swing low and the uptrend line. The main profit target should be the previous highs at 1.02000 level.
If the price bounces from the downtrend line and the resistance level, it will be possible to open sell trades based on the daily and lower timeframes. Stop orders must be placed above the uptrend line and the local swing high. The profit targets should be the support levels based on the round numbers. Open short trades based on a confirmed reversal signal.
If the price breaks the resistance zone, it will be a signal that the market is going to continue the uptrend. It will be possible to open the long positions based on the daily timeframe with stop orders below the local swing low and the uptrend line. The main profit target should be the previous highs at 1.02000 level.
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