USDCHF H4 Chart
USDCHF H1 Chart
Technical Analysis: The price has fallen into the buying zone and is still trading within a range and also expected to retrace back to the key falling trendline.
Market Sentiment: Both dollar and swiss franc do not have any clear direction fundamentally. The behavior recently was that the price is just bouncing up and down within a range.
Trading Decision: Longed USDCHF half risk as soon as price touches the top of the range with some pull back.
Stop loss was set 20 pips below the bottom of the support zone.
Entered another half risk as price reaches the bottom of the support zone and started to pull back and went into consolidation as it shows price is still not able to break out of the range and may rebound off.
Expected take profit level was set at the resistance zone near the key falling trendline.
Decided to close all trades as the expectation of price breaking lower towards the next major support zone is high and the fact that the current support zone has been tested multiple times may cause it to become vulnerable.
Also, there is no significant rebound after the price has exhausted in the support zone shows that there are no strong buying strength.