MEX_Exchange
Long

USDCHF testing major support, remain bullish

FX:USDCHF   US-Dollar / Schweizer Franken
Buy above 0.9741. Stop loss at 0.9704. Take profit at 0.9809.
Reason for the trading strategy (technically):
Price has dropped further and is in a strong descending wedge formation. The plan is to go flat now and buy on the bullish exit of this formation. We look to buy on the bullish break of 0.9741 (Horizontal overlap resistance, Fibonacci retracement , descending resistance) and we expect momentum to push price up to at least 0.9809 resistance ( Fibonacci retracement , horizontal swing high resistance, Fibonacci extension ).
Stochastic (34,3,1) is seeing strong support above 11% where we expect a bounce from soon.
what is the update on this?
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Could you please explain your strategy a bit more for me to learn?
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Love your clean analysis, always better than the other authors here!
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the master has spoken once again. thanks MEX_Exchange!
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My name is Seikif and I am always following your analysis. It has helped me a lot in my learning to be a successful trader. Thanks MEX_Exchange!
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thanks... you are good.
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everyone we should thank MEX_Exchange more for all the work he has been doing...
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Can you explain more on your view for this trade?
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