USDCHF- Descending channel:Two Short trade Opportunities!
-Very decent sell opportunity on the retracement of the demand turned supply level.
-There is also another confluence with the 38.2% fib level which indicates price could potentially retrace from that significant level.
-Another confluence is the 50EMA which is above price which suggests short signals.
-We could also see on the daily chart that there is a descending channel which shows that there is strong bearish momentum for this pair.
-Another possibility could be that price could breakout the 0.94254 support level and set profit targets at 0.93620 and 0.93709.
-It is very important to always look for strong bearish candle confirmation to enter this trade.
-Also make sure to have a good risk to reward as i would recommended 1:2 or higher.
Make sure to like, follow and comment your opinion/ideas for this pair and watch how price reacts over the coming days!
-There is also another confluence with the 38.2% fib level which indicates price could potentially retrace from that significant level.
-Another confluence is the 50EMA which is above price which suggests short signals.
-We could also see on the daily chart that there is a descending channel which shows that there is strong bearish momentum for this pair.
-Another possibility could be that price could breakout the 0.94254 support level and set profit targets at 0.93620 and 0.93709.
-It is very important to always look for strong bearish candle confirmation to enter this trade.
-Also make sure to have a good risk to reward as i would recommended 1:2 or higher.
Make sure to like, follow and comment your opinion/ideas for this pair and watch how price reacts over the coming days!