Great buy setup forming in USDCHF

Last week ended with good news for the US dollar after the Non Farm Payrolls and we can expect the dollar to get stronger.

We have the fundamental confirmation along with great technical analysis all pointing to the same direction. There is a completed bearish double wave cycle on the Daily chart which respected a key support zone. On the H4 chart there was bullish divergence along with false break at the bottom and the price went for band-to-band move. What we are looking for is a double wave correction down and then go long.

Fundamental Analysis:
Last week’s NFP (Non Farm Payrolls) – Good news for the US Dollar

Technical Analysis:

D1 – bearish double wave cycle completed, major support zone

H4 – band to band move, hidden bearish divergence, potential double wave down

Entry:
H1/H4 – Look for double wave correction either on the H4 chart or the H1 chart and then buy the USDCHF versus the 0.9100 support zone.
Target 1: D1 20 MA
Target 2: 0.9540
Stop Loss: below 0.9100

Video Explanation

Yours,
Vladimir

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