USDCHF at Resistance in a Downtrend — One Trigger to Watch
Today, I want to share a short setup on the USDCHF pair(
USDCHF) with you—so stick with me!
USDCHF is currently moving within a heavy support zone(0.783 CHF-0.757 CHF) on higher timeframes, and for quite some time, it’s been in an overall downtrend within a descending channel.
Looking at the 4-hour timeframe, USDCHF is near a resistance zone(0.782 CHF-0.776 CHF) and at the key resistance level at 0.776 CHF.
From an Elliott Wave perspective, it seems USDCHF is completing the main wave 4, which is part of a Double Three Correction (WXY).
I expect that after breaking support lines, USDCHF will begin to decline and at least fall to 0.767 CHF.
First Target: 0.767 CHF
Second Target: 0.762 CHF
Third Target: Potential Reversal Zone(PRZ)[0.758 CHF-0.753 CHF]
Stop Loss(SL): 0.784 CHF(Worst)
What’s your view on USDCHF? Do you think it could reach the Potential Reversal Zone(PRZ)[0.758 CHF-0.753 CHF], or are we in for another rise?
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌U.S Dollar/Swiss Franc Analysis (USDCHF), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
USDCHF) with you—so stick with me!USDCHF is currently moving within a heavy support zone(0.783 CHF-0.757 CHF) on higher timeframes, and for quite some time, it’s been in an overall downtrend within a descending channel.
Looking at the 4-hour timeframe, USDCHF is near a resistance zone(0.782 CHF-0.776 CHF) and at the key resistance level at 0.776 CHF.
From an Elliott Wave perspective, it seems USDCHF is completing the main wave 4, which is part of a Double Three Correction (WXY).
I expect that after breaking support lines, USDCHF will begin to decline and at least fall to 0.767 CHF.
First Target: 0.767 CHF
Second Target: 0.762 CHF
Third Target: Potential Reversal Zone(PRZ)[0.758 CHF-0.753 CHF]
Stop Loss(SL): 0.784 CHF(Worst)
What’s your view on USDCHF? Do you think it could reach the Potential Reversal Zone(PRZ)[0.758 CHF-0.753 CHF], or are we in for another rise?
💡 Please respect each other's opinions and express agreement or disagreement politely.
📌U.S Dollar/Swiss Franc Analysis (USDCHF), 4-hour time frame.
🛑 Always set a Stop Loss(SL) for every position you open.
✅ This is just my idea; I’d love to see your thoughts too!
🔥 If you find it helpful, please BOOST this post and share it with your friends.
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🔗 t.me/ProTrader_365
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Wyłączenie odpowiedzialności
Informacje i publikacje nie stanowią i nie powinny być traktowane jako porady finansowe, inwestycyjne, tradingowe ani jakiekolwiek inne rekomendacje dostarczane lub zatwierdzone przez TradingView. Więcej informacji znajduje się w Warunkach użytkowania.