USDCHF is range bound in an uptrend. It is at the resistance level right now and needs to break towards the upside in order to continue moving higher. It needs to be noted that after the range breakout upwards, market needs to retest the resistance turn support in order to continue moving higher. The structure is still bullish with market forming higher highs and higher lows.

The resistance trendline has been tapped by the price action and is being rejectd so far. This trendline needs to break out for buys along with the breakout buy for the resistance level in order to validate the buys. The validation of buys will be confirmed after 3-4 candles open and close above the trendline.

Both the EMA's are bullish with a bullish death cross. Market can seemingly retest the EMA 50 but thats still way below. So, we won't be betting on the EMA retest. 

Both the oscillators are in an over bought region. Markets tend to neutralize at such levels. We will be waiting for the neutralization once the range is broken out for the buys.

USDCHF range bound

Apr 17 2022

Take Profit +0.83%

Holding time 1d7hr

0.94490

Entry price

0.95270

Take profit price

2