USD/CHF Probable decrease after a triple test of the horizontal support

14.09.2016 / 12:10

Rating:

USD/CHF:

Date: 14 September, 2016

4H chart: Medium-term choppy, short-term long

Price hasn't been able to hold above the strong horizontal support at levels around 0.9700 and the correction of the previous long movement at Fibo 50%. This level was tested 3 times and the price remains above it and breaks through upwards above the resistance at 0.97700. A diagonal support is forming.

Price Action: Engulfing bar at strong horizontal support - signal for long

Alternative scenario: IF the price goes down below the horizontal support and Fibo 50%, this will break the bullish scenario.

Technical indicators:

DEM (14) - Is not yet in overbough area

Long Price entry: around 0.97700

SL: 0.97300

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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USD/CHF Probable decrease after a triple test of the horizontal support

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