USDCHF is opening a possible test of the long-term uptrend line 0.9850 level
USDCHF daily chart is revealing a hard break below an uptrend channel 1.000 level. This is opening a possible extension down for a test of the long-term uptrend line 0.9850 level. The risk-off environment despite the USD strength is keeping the pair more inclined to the downside than the upside.
On an H8 chart, we can see a triangle which needs to be broken to the downside for a continuation into the 0.9800 level. Any intraday break below the 0.9920 level would trigger short trade opportunities targeting 0.9800 level with the stop loss above the 0.9960 level.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
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Mentoring
Learn to trade from traders. Improve your trading skills and upgrade your performance by 60%. Powerful retail trading strategy-Trade less size win often (compounding profit trading strategy for retail traders) Increase your trading capital by smart trading compounding, by avoiding risky big size trades which are quickly ruining your capital.