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USD/CHF| Bullish Channel Continuation

USD/CHF Long-Term Trend: Bullish

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Key Resistance Levels: 0.92600, 0.92719, 0.92783

Key Support Levels: 0.92242, 0.92168, 0.92118

4-Hour Chart:

Looks like we have a nice bullish channel built up, and if price respects the structure, we may get another bounce and bullish continuation. Additionally, we have an Elliot wave count suggesting we are playing a 3rd wave that should take us to the 0.92970 level for completion. If this short-term pullback continues things may get interesting.

USD/CHFMedium-Term Trend: Bullish

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1-Hour Chart:

We seem to be making somewhat of an abcde play to complete the larger cycle (3)rd wave. If this structure holds, we are likely to see a bounce off of the support channel line. We have US CPI today and a budget statement.

Signal Idea:

Buy Limit Order @ 0.92250

TP 1 @ 0.92600

TP 2 @ 0.92964

Stop Loss @ 0.92012

Trade Safely 🙂

About Patrick Mwenge

A chartered accountant and trader, Patrick has 7 years of financial market experience, covering commodities,FX, equities as well as crypto currencies. Patrick leverages both long term Elliot wave analysis alongside volume and time price opportunity to explore trading opportunities on both long and short term timeframes.

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