USD/CHF: Possible move higher again after 3rd retest of a horizontal support

23.12.2016 / 04:02

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USD/CHF:

Date: 23 December, 2016

H4 Graph: Medium term long trend

The price made a break above the very strong horizontal resistance. Now the price makes a 3rd retest of the new horizontal support. If the price is ready to resume its up move, here is a good place for a new long, close to the horizontal and diagonal supports. Also the price remains above the 50 and 200 EMA's.

DEM (14) - In the oversold zone and possible turned up for long.

Alternative scenario: If the price falls back below the diagonal and horizontal support, this will cancel the bullish view.

Price for Entry long around: 1.02500

SL: 1.0200

Note: Due to the upcoming Holidays and Year End, the liquidity is low and there is the possibility of abnormal moves in the market place and also increased size of spreads on all pairs. Please take care and take that fact under consideration when/if trading during this period.

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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USD/CHF: Possible move higher again after 3rd retest of a horizontal support

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