USDCHF Daily S/R| .618 Fibonacci| 200EMA| Swing High| Low Volume

1 окт. 2020 г.Evening Traders,

Today’s Analysis – USDCHF- breaking key Daily S/R, holding structure will change the local trend.

Points to consider,
- New swing high
- Daily S/R Support (200 EMA & .618 Fib)
- 21 MA Resistance
- Oscillators Divergence
- Volume Below Average

USDCHF’s Price Action has established a new swing high above Daily S/R. This shows strength in the market allowing us to have a bullish bias.

The Daily S/R is current support, holding this level will maintain a higher low structure. This area is also in confluence with the .618 Fibonacci and 200 EMA.

The 21 MA is local dynamic resistance, breaking this in the immediate term will signal bullish momentum.

Both Oscillators have a hidden bullish divergence, price action showing strength now will confirm a swing low failure on them.

The current volume is below average, an influx is probable when testing key trade locations such as the Daily S/R.

Overall, in my opinion, USDCHF is a valid long with defined risk; price action is to be used upon discretion/ management of trade.

Hope this analysis helps

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And remember,

“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory