Hi Traders! USDCHF weekly triangle provides sell opportunity for us. A detailed analysis of this potential bearish setup is as follows:
USDCHF W1 Chart:
On the weekly chart the price is currently moving inside a triangle pattern and is respecting it so far. Currently the price is nearing the bottom of this triangle pattern. We may now look for more bearish evidences on lower timeframes in order to join the bears.
USDCHF H4 Chart:
On the H4 chart the price has created a bearish hidden divergence, which we may consider as an evidence of bearish pressure. We may now look for more bearish evidences on lower timeframes and start looking for sells.
USDCHF H1 Chart:
On the H1 chart we have a potential double wave forming with the second leg developing. We may now expect one more push higher towards the critical zones with the price creating bearish divergence. We may then start looking for sells towards the bottom of the weekly triangle.
The invalidation for this sell setup would be the zone shown in the screenshot. If the price breaks and holds above this zone then this sell setup would be invalidated.
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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