Trade Recommendation: USDCHF

This is a short term trade. The price is at the possible reversal zone formed by the support level and SMA100. RSI confirmed price reversal in the oversold zone. MACD supports further upward movement. ADX line of DMI falls and it allows us opening long trades. It’s a new trading opportunity. Buy orders can be placed at 0.99200 with stop at 0.98950 level. Profit targets are 0.99500 and 0.99800 resistance levels. The 4H chart confirms the uptrend but the daily chart looks bearish. If the market can break 0.99000 support level, it will be a signal of downward movement. That’s why it’s strongly recommended to use stop orders with long trades opened based on this trading signal. Don’t risk more than 3% from your deposit in this trade.

Market: USDCHF
Buy: 0.99200
Stop: 0.98950
Profit Targets: 0.99500 and 0.99800

Disclaimer: The analyst does not have investments in USDCHF.

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.