USD/CHF Price Action
Today, we analyze the USD/CHF price action across multiple timeframes, including the daily, 4-hour, and 1-hour charts. This analysis gives us a clearer picture of where the market might be headed, offering potential trade setups and scenarios to consider.
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Daily Chart (D1)
On the daily timeframe, USD/CHF has been consolidating within a well-defined range, fluctuating between support at 0.8600 and resistance near 0.8748. After an extended period of consolidation, the price is now testing the upper boundary of the range, signaling a possible breakout.
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There are two scenarios to watch for:
- Bullish Breakout: A close above 0.8748 could indicate the continuation of an upward move, leading the price toward 0.8850 or even higher levels.
- Rejection and Pullback: Should the price fail to break above the resistance, we might see a pullback toward the 0.8600 support area, potentially offering shorting opportunities.
Key Levels:
- Support: 0.8600
- Resistance: 0.8748
4-Hour Chart (H4)
The 4-hour chart shows a more detailed structure of the market. USD/CHF has been trending within an ascending channel, maintaining higher highs and higher lows. The price is approaching a decision point where the upward momentum may either continue or reverse.
- Bullish Scenario: If the price breaks above the short-term resistance at 0.8640, we could see the continuation of the trend toward 0.8700 or 0.8748.
- Bearish Scenario: If the price fails to break above the resistance, there’s potential for a pullback toward the ascending trendline or the support zone at 0.8530.
1-Hour Chart (H1)
The 1-hour chart presents an active trade setup. A minor consolidation occurred between 0.8570 and 0.8600, forming a short-term range. The price has since broken above the consolidation and retested it, providing an entry point for a potential bullish continuation.
Trade Setup:
- Entry: 0.8580, after the breakout and retest of the consolidation range.
- Take Profit 1 (TP1): 0.8606
- Take Profit 2 (TP2): 0.8644
- Stop Loss (SL): Below the recent low at 0.8560.
ConclusionThe USD/CHF pair is showing signs of potential movement in both directions, depending on key levels. Traders should monitor price action closely, especially near the resistance levels, to identify the next breakout or reversal. This analysis offers both short-term and long-term trading opportunities. Be sure to manage your risk appropriately, as the market can shift quickly. Stay tuned for more updates and signals on FourTrades! |
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10/09/2024
