I noted earlier today how a new TC signal had triggered off the Swissie during Tuesday night whilst I was sleeping. I mentioned that I would only consider chasing this signal if the Swissie could manage to close above recent highs but price action is getting up close to that region as I type.
Swissie 4hr: price action is still within the ‘Handle’ from the Cup ‘n’ Handle but 0.975 also stands out as a recent S/R level to navigate. A close and hold above this level would be bullish:
Swissie daily: 0.975 is below the ‘Handle’ trend line and so some traders will prefer to wait for any bullish breakout above that higher level:
Swissie weekly: the broad based Cup ‘n’ Handle is evident here:
Swissie monthly: the more interesting feature, for some, will be the clear ‘inflection’ or ‘polarity’ shift visible here. The break of trend line marked that shift:
The Swissie is trading above the Ichimoku Cloud on the 4hr, daily and weekly charts but is still trying to print a monthly close above the Cloud. Maybe it will have more luck in December as it is sniffing the air up there at the moment!
- There is an open TC signal already on this pair.
- Other bullish entry levels could include a break and hold above either 0.975 or the ‘Handle’ trend line.