usdchf

USDCHF technical analysis on 16/11/2020

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Technical analysis

The downside of USDCHF  was ceased to make further lows at D1 TF, and it has been establishing itself its support zone range from 0.904x to 0.907x recently. The price action of USDCHF has attempted to break our 65 SMA some times, and currently trading around that average price zone of 65 periods.

Technically we see that a lows was made at 0.88947, and thereafter a swing high was made in a narrow range, but it has broken up the support zone range from 0.904x to 0.907x at D1 TF, which indicates for a coming up move.

 

 

In a down trend with a strong up swing move, market will mostly pullback to tank momentum for further stronger up move lately, and we expect that USDCHF will be in an ideally pullback wise to the support zone range from 0.904x to 0.907x, at these levels, we will look then for longing USDCHF.

 

Take profit levels we will look at 23.6% fibs and 38.2 % fibs for profit taking.

Trade well!

 

Tradingscenes team

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