USDCHF Potential Retrace Setup
Drawing on some key support levels, USDCHF is positioned to test these levels.
1.0082
1.00814
On a long term 1week time frame, USDCHF has broken out from consolidation. Lower highs and higher lows have described the price movement from early 2015 until November 14th of this year. A long term uptrend may be in the future.
For an aggressive trade, the stop loss can be set lower, potentially to .99441, another key support level. My stop of 1.002 is near the 20EMA line of strength. If the retracement bounces off the 1.00814-1.006 range, it is highly probable that price will retest 1.019 range.
1.0082
1.00814
On a long term 1week time frame, USDCHF has broken out from consolidation. Lower highs and higher lows have described the price movement from early 2015 until November 14th of this year. A long term uptrend may be in the future.
For an aggressive trade, the stop loss can be set lower, potentially to .99441, another key support level. My stop of 1.002 is near the 20EMA line of strength. If the retracement bounces off the 1.00814-1.006 range, it is highly probable that price will retest 1.019 range.
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