Currency
by Seth Parker on September 26, 2018

USDCHF Analysis – One step from a buy signal

Most recently, we focused a bit more on the Forex Market. Most of the major pairs were already analysed. One is missing though – USDCHF. Today, we will focus on this instrument as we potentially have a very interesting reversal opportunity.

For the past few weeks, USDCHF was in a deep down trend. Since the beginning of September, the price entered the channel down formation (red lines). On Friday, the price broke the lower line of the channel down formation, which could have been perceived as a very negative sign. Just for a moment though as the price came back quickly, creating a false breakout pattern (orange).

usdchf chart

On Monday, USDCHF continued the reversal and today we are knocking on the upper line of the channel down formation having quite big chances for a breakout. Price closing a day near the check sign, above the yellow area, will be an invitation to buy. In my opinion, chances for that are quite high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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