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Tuesday, February 09, 2021

USDCHF: The price is BOUNCING on its main TRENDLINE

USDCHF: The price is BOUNCING on its main TRENDLINE

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🟒Forex Pair:
USD/CHF

Technical Analysis:
On the 29th of January 2021, once the price reached its main trendline, it got a strong bullish impulse, breaking through a strong S/R level at about 0.89250, reaching in a few days an interesting zone at about 0.90400.
On that level, the price got a rejection, falling down until its previos S/R zone and it's currently moving just really close to its main trendline.
There is a nice possibility to see a new bounce on that trendline, considering that the current trend correction is overall around the 0.61% of Fib retracement of its previous bullish impulse.

πŸ”΄Conclusion:
I'm confindent to see the price moving up again until the level at about 0.90400, and here the reasons because I believe this direction:
- The main trendline rejected the price several times since the beginning of January;
- The current zone at about 0.89300 is really a strong S/R zone, as you can see in the chart;
- The trend correction is now on the 0.61% of Fib retracement;
- The price is oversold and with high volatility ;

I'll be waiting for a clear rejection on the current level before planning a long position on this trade!

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Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni



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