Usdchfsell
USD/CHF SELL BIAS (ENTRY UPON BREAK BELOW LL AND NEW LH)
My BIAS for USD/CHF for the upcoming week is mainly SELL.
My reasons behind this are
-We can see previous Lower Lows & Lower Highs with lows breaking below our most previous Higher Low.
-We will be looking now for price to break our previous LL for a 1:3 RR trade & then form new LL and LH then entering again with a 1:3 RR trade at our new LH.
•I will not enter this trade until I see a break below our previous LL & then a perfect FIB retracement of either 61.80% or 78.60% from current LH to our new LL, with a strong rejection candle.
•I am aware price could in-fact reject our previous LL & also Daily Support and shoot up towards our previous LH at 0.98750 or even higher to our Daily Resistance.
Like & Follow for future updates & Analysis
USDCHF approaching support, potential for a bounce!
USDCHF is expected to drop to 1st support at 0.98082 where it could potentially react off and up to 1st resistance at 0.97087.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDCHF - SHORT POSSIBILITYTHE CURRENT ZONE HAS BEEN TESTED TWICE AND NOW THIS IS THE 3RD TEST BUT IF WE TAKE A CLOSER LOOK, PRICE BROKE 2 TRENDLINES ON THE LAST BEARISH CANDLE MOVE WHICH CLOSED UNDER THE TRENDLINES AND AS ADDITIONAL CONFIRMATION THE MARKET CLOSED WITH A BULLISH BUT STILL UNDER THE TRENDLINES. ACCORDING TO MY ANALYSIS PRICE WILL FAKE A BUY AND DROP TO WIPE OUT A COUPLE RETAIL TRADERS THEN GET TO THE NEXT SUPPORT.
USDCHF approaching resistance, look out for potential reversal!
USDCHF is approaching its resistance at 0.99690 where it is could reverse down to its support at 0.98897.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.