Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
USDCHF has completely closed above its daily trendline and after 5 consecutive daily bullish candles it’s likely to form another one today. Breaking that trendline with huge order flows has confirmed that overall trend has reversed.
Now if you want to board on the bust to the north just have a look at the hourly rhythm of this pair with 40EMA:
As you can see in the blue square we have got a false move in our rhythm and price went below 40EMA around 30pips and then jumped back above. So the best place to go long would be another retest of this moving average with 40pips stops loss.
Also watch that broken trendline and price might retest it again and then go up further.
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