USD/CHF Long Position after Confirmation of Support

Here on CHF we are seeing two major important points that can determine the direction of our next trade.

First of all we see that the price is really close to a horizontal support. This can gives us a nice risk-reward for a long position.

Second of all, we see the price is following a trend line (roughly, it's not perfect admittedly). We can use this trend line to understand when we need to exit our long position.

Basically it means that the price is trending downwards, and we should be conservative with our positions. Don't hold it too long, and exit relatively early. That's why I drew the orange line to bounce at around 0.9073

All other information can be found on the chart. Good luck!

P.S. You might have noticed I posted an exact copy of this idea for CHF/USD.... oops. Turns out I had the pairs the wrong way around, and nobody actually looks at CHF/USD =\. So I decided to repost it here :).

Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.

- Trading Guru

--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!