Hi Traders! We have USDCHF sell opportunity after trend line breakout. A detailed analysis of this bearish setup is as follows:
USDCHF D1 Chart:
On the daily chart the price broke below the big uptrend line, we then got pullbacks in the form of double wave up. In addition to this we also had a bearish divergence and then we got the breakout of the most recent trend line, we may consider these as evidences of bearish pressure. We may now look for more evidences of bearish pressure on lower timeframes in order to join the bears.
USDCHF H4 Chart:
On the H4 chart currently it looks like a pullback is happening, we also have a hidden bearish divergence that has formed which we may consider as an evidence of bearish pressure. We may now look for bearish setups with bearish evidences on lower timeframes in order to start looking for the sells.
USDCHF H1 Chart:
On the H1 chart the price has created a double wave up, we also have a bearish divergence that has formed which we may consider as an evidence of bearish pressure. In addition to this we have a good uptrend line that has formed and based on the double trend line breakout principle, if the price breaks below this dynamic support we may then start looking for sells with more bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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Yours to your success