Categories: Technical Analysis

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

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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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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.