USDCHF DAILY ANALYSIS How are you today, hopefully you are all in good health and of course today's trading plan can run smoothly according to expectations . USDCHF has an interesting setup for our daily trading. Where in yesterday's trading USDCHF was dominated by Sellers and it seems that the price still has the opportunity to move down again and test its weekly support because the price is still below its daily pivot level. Check out USDCHF in the following 1 hour chart:
I have determined the following intraday Support and Resistance price levels : Resistance2 (R2): 0.8951 Resistance1 (R1): 0.8923 Daily Pivot: 0.8913 Support1 (S1): 0.8867 Support2 (S2): 0.8839 Judging from the chart above, it appears that the USDCHF price is below its daily pivot level where the price immediately moves down to test its closest support area and if it is successfully broken through, the price will fall even deeper later, although it is possible that the price will be corrected first to the pivot area before finally continuing to fall. The next possibility is that the price will actually move up because in yesterday's trading USDCHF failed to break through its weekly support area at 0.8869 and the price has the opportunity to move up again even though the major trend is still bearish so you still have to be careful in making decisions. The R1 and S1 levels will also measure how much pressure traders are under today, where this will confirm the direction to be headed next and also the interest in transactions. Beware of consolidation between the R1 level and the S1 level. In my prediction, based on the price movement being analyzed above, today we will try to see the available entry opportunities. Where the best entry that can be done is, I will continue to see the CLOSE PRICE movement on the 1-hour Candle. My setup for Breakout opportunity USDCHF Buy : If the 1 Hour candle close price penetrates the R1 level perfectly (the candle body is far from the upper limit of R1), then prepare to find the best BUY Entry position, with a profit target reaching the R2 level (the strongest Resistance level today) to see the market reaction to that level to go up again or not. Sell : If the 1 Hour candle close price penetrates the S1 level, then prepare to find the best SELL Entry position, with a profit target reaching the S2 level (the strongest Support level today) to see the market reaction to that level to go down again or not. My setup for Pullback opportunity Sell : If the 1 Hour candle close price does not penetrate the R1 level (such as forming a bear pin bar), then prepare to find the best SELL Entry position, but if the price reaches and penetrates this level then prepare to cut loss. Can be applied at the R2 level as well. Buy : If the 1 Hour candle close price does not break through the S1 level (such as forming a bull pin bar), then prepare to find the best BUY Entry position, but if the price reaches and breaks through this level, then prepare to cut loss. Can be applied at the S2 level as well. Use a minimum Risk Reward of 1:1 or 1:2 and also use good money management in each entry for trading continuity so that it can remain safe and avoid MC.
