USDCHF Corrected! DOWN to .8700 Range!!
Updated
Here I have USD/CHF on the Daily Chart!
After USD/CHF finished its Impulse Wave May 1st with a High @ .92242 we see based on the Low or Point A @ .89879 followed by a LOWER HIGH or Point B @ .91587 ..
We are given all the Ingredients for a CORRECTION WAVE!!
Now based on the break of the NEW LOWER LOW @ .88809, using the Fibonacci Retracement Tool, we see price has made a perfect 61.8% Retracement!!!
On the initial Touch of 61.8% I took Sell Entries but we will certainly see this pair FALL!!!
Range Target is ( .87748 - .86842 )
After USD/CHF finished its Impulse Wave May 1st with a High @ .92242 we see based on the Low or Point A @ .89879 followed by a LOWER HIGH or Point B @ .91587 ..
We are given all the Ingredients for a CORRECTION WAVE!!
Now based on the break of the NEW LOWER LOW @ .88809, using the Fibonacci Retracement Tool, we see price has made a perfect 61.8% Retracement!!!
On the initial Touch of 61.8% I took Sell Entries but we will certainly see this pair FALL!!!
Range Target is ( .87748 - .86842 )
Trade active
Took Sell Entries on 61.8% Retracement @ .8987SL @ .9020
Trade closed manually
Closed positions at current Support Zone!!Trade active
Sell Entries @ .8937!SL @ .8955
Comment
Price finds itself back down in the support zone!! This week is going to be BIG fundamentally for USDCHF with USD having Empire Manufacturing Index, Unemployment, Retail Sales and Serv./Manu. PMIs and CHF having their Policy Rate Meeting!
Comment
Here we can see DXY made a False Break of the Ascending Channel its been in captured by the Overhead Resistance Zone!
With price so far unable to break back above, I believe we will continue to see Bearish in the USD playing favor into the USDCHF Trade Idea!
Comment
Now with my Trading Strategy, once Price has Activated a Fib Entry Zone on the Retracement. This generates a "Warning Zone" I call the KILL ZONE.
Rules-
1) Price may only Retrace to Fib Entry Zone TWICE
2) In the event that Price needs to retrace for a SECOND TIME and is unable to break the KILL ZONE, This means TERMINATION of finished extension to Ranged Target which will result and Prematurely Closed Trades!
Price is currently being pushed out of the Kill Zone, this is GOOD for our Trade!!
Comment
Price being rejected from the Kill Zone into a Bearish Engulfing Candle closure on 4HR Chart!!Comment
The Bearish Engulfing Candle evolved into a Three Black Crows Candlestick Pattern!
Get Ready for extremely BEARISHNESS!
Comment
Price has broken down through Support!
Now we see price rising to test this .8893 Level that acted as a Floor for Previous Lows that it broke!
Trade active
Added SELL positions @ .8893!SL @ .8950
Comment
Price broke through the Support Zone strongly!!Now with a Break you must expect a RETEST!!
Price seems to be stalling out around the .8840 area, if this becomes a Low before making it the rest of the way to our TP @ the arrival of the Ranged Target then expect a Retest of the Break of Support Overhead!
Comment
Price on USDCHF is Consolidating which is typical behavior for a Bank Holiday
(Juneteenth)
Comment
NAHB Housing Market came in LOWER than expected (43 Actual v. 45 Forecast )This is setting price up on USDCHF right for the drop down to our TP @ .8775 in the Range Target!!
- Be Aware!! SNB will be setting their Policy Rates tomorrow morning!
Comment
Price has broken out of the consolidation it was in after the massive drop out of Support!! Trade Balance and Policy Rate Decision just ahead!!Comment
CHF Trade Balance came in HOTTER than expected!! ( 5.81B Actual v. 3.84B Forecast ) This is GOOD for CHF!!Trade closed manually
SNB Cut Rates!!This gives the upper-hand to USD and in that case I decided to close all positions on USDCHF!!
Novi_FIbonacci
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