USDCHF – False Break Setup In Profit | Jun 1
USDCHF – False Break Setup Completed (1hr chart)
Yesterday in the members trade setups commentary, we talked about the USDCHF potential false break play. We discussed the 9403 level and that if bulls can regain this, they should use it as a launching pad to push higher completing the false break setup.
Looking at the chart below, this is exactly what happened with the pair pulling back to that level perfectly, then launching higher. Also observe the impulsive buying rejection off this level.
NOTE: If you were waiting for a price action confirmation signal, you’d have a much worse entry (if any at all) and thus a much lower +R available.
For now I’m staying bullish while above this and 9345 on a daily closing basis. Upside the 9545 and 9700+ levels are my upside targets.
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