Buy USD/CHF | Dec 23, 2019

USD/CHF broke the downtrend line and then retraced back to the downtrend line. Then it bounced from the trend-line, which makes perfect buy trade setup.

If we look at 30 minute time-frame, we can clearly see that there was a nice bullish reaction when the price reached trend-line. It made a bullish engulfing.

If we look at daily/D1 time-frame, we have a bullish engulfing candle. FIB38.2 is coinciding with previous swing low. Previous swing low and FIB38.2 make a confluence resistance, so we placed our TP there. Our SL is a pip below last swing low.