After a tough start this year. there seems to be a correction on the dollar. For the past few weeks we have seen a stronger dollar and lets check on the chart and find some good trading opportunities.
Today I will be looking at the USD/CHF hourly chart, I will determinate the trend on the daily chart and then with the daily pivot points on the hourly chart will find the important levels, which we can use for entry and exit point.
So looking at the daily chart below, the trend is definitely bullish. The price is above the 200 MA, over the Ichimoku Cloud and also looking at the ADX we are way over the 24 level. So the trend is bullish, now lets calculate the pivot point level using the last closed daily candle and find the important levels for today.
So the current price pivot is over the Main pivot level, which is another bullish indicator. I have put on the hourly chart the P, S1 and S2 levels, which seems to be a good S/R level before and they should be a good entry position for today. The exit level for all of the three levels, should be the next pivot point level or why not the one after that. And the stop loss will be the PP before the entry.
Please note that this is my view of the chart and you should trade responsibly