USD/CHF trader's opinion

[Fin_Trader]

I want to try keeping my own journal to find a trading strategy for the USD/CHF trading pair.

Goals:

1) to identify errors - both in the trading system and in inaccuracies in following the trading system;

2) develop ways to avoid the same mistakes in the future.

I often trade the EUR/USD pair, but I also prefer GBP/USD, USD/JPY, USD/CHF. My broker is FXOpen

 

[Fin_Trader]

The USDCHF pair continues to move in a downward trend according to the H4 TF. However, as can be seen on H1, the RCI indicator shows divergence. Therefore, a corrective upward movement is possible with the nearest target at 0.8945.

 

[Fin_Trader]

The USDCHF currency pair continues to move downwards. The price broke down the support level of 0.8800 and also fixed below it. The next target for this bearish movement may be the support level of 0.8678.

 

[Fin_Trader]

As you can see, a horizontal range has formed on the USDCHF currency pair on the H1 timeframe, in which the price is trapped. After a rebound down from the upper boundary of this range located at the resistance level of 1.08820, the price approaches the line of the local ascending trend. In case of an upward rebound from this line, the price may retest the upper boundary of this flat. In case of a breakout of this line, the target will be testing the lower boundary of the range located at the support level of 0.8765.

 

[Fin_Trader]

When analyzing the H1 timeframe for the USDCHF pair, it is clear that during its upward rollback, the price was unable to consolidate above the resistance level of 0.8820, having made a false breakout. The local ascending trend line on this timeframe was also broken downwards, but the price corrected to the opposite side of this broken sloping line. In the event of its retest and downward rebound, the target for a bearish movement may be the support level of 0.8765, and in the event of an upward breakout of this sloping line and consolidation above it, the target for a bullish price movement may be the resistance level of 0.8857.

 

[Fin_Trader]

The USDCHF pair on the H1 timeframe shows that the resistance level of 0.8857 turned out to be quite strong. The price was unable to break through it and consolidate above it, making a false breakout. The price also broke down the local uptrend line on this timeframe and approached the support level of 0.8820. In case of a breakout of this level downwards, the next target for a downward movement may be the support level of 0.8765.

 

[Fin_Trader]

The USDCHF pair is in a downward trend. When considering the situation on the H1 timeframe, it is clear that the price, during its upward rollback, approached the local downward trend line on that timeframe. In the event of a downward rebound from it, the target for a bearish movement may be the support level of 0.8759. In the event of an upward breakout of this local downward trend line, the target for a bearish movement may be the resistance level of 0.8819.

 

[Fin_Trader]

When analyzing the situation on the USDCHF pair on the H1 timeframe, it is clear that the price is squeezed between the support level of 0.8805 and the resistance level of 0.8840. When testing the support level of 0.8805, its false breakout was formed with the price going back behind this level. I consider the upward movement to the resistance level of 0.8840.

 

[Fin_Trader]

When considering the situation on the USDCHF pair on the H1 timeframe, it is clear that a horizontal range has formed between the support levels of 0.8805 and the resistance level of 0.8840. At the same time, after another test of the above-mentioned resistance, the price was unable to break through it, again rebounding downwards. The target for this downward movement is still the same support level of 0.8805.

 

[Fin_Trader]

When analyzing the USDCHF pair on the H1 timeframe, the price movement is still observed within the previously formed range. With repeated testing of its upper border, located at the resistance level of 0.8840, the price constantly makes false breakouts and has not been able to consolidate above it, which indicates the strength of this level. Therefore, I am considering trading within this accumulation for now, where the target after a rebound downwards from the above resistance may be the support level of 0.8805.