USDCHF | WEEKLY PERSPECTIVELast week kick-started on a Bullish note for the Greenback but later surrendered a major part of its early gains to the Swissy as it breaks down my Key level @ 0.93850. Even though it rallied back up from this Breakdown; price appears to be respecting the Bearish Trendline which has been holding since late May 2020.
Tendency: Downtrend ( Bearish )
Structure: Breakout | Trendline
Observation: i. Bearish Trendline - My line drawn over Lower highs explains the prevailing direction of price action and suggest a further Bearish bias.
ii. Breakdown of my Key level @ 0.93850 mid-week (8th of July) reveals the underlining strength of the Sellers at this juncture which makes this zone a level to look out for in the coming week(s).
Trading plan: SELL confirmation with a minimum potential profit of 160 pips.
Risk/Reward: 1:3.5
Potential Duration: 5 to 14 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Usdchfsignals
USDCHF Buy SignalPattern: Multi-year Rectangle on the 1W chart.
Signal: Bullish as the price has bounced off of the 0.91800 Support and based on the 2018 fractal has considerable upside.
Target: Basic target is 1.0000 and if 1.002500 breaks Extension Target can be 1.0200.
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USDCHF - BUY Now"M" pattern was formed in couple of places and you can see that price was retrace from there to bullish movement. There is a support at 0.98412 but its might break the support and will touch the 0.236 fibo level and retrace the price to upwards or may be price can be retrace from the support itself too.
Note: Trade at your own risk.
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USDCHF - Buy NowPrice is retracing from the trend line which is near 0.618 fibo level and bottom bollinger band is touching the previous candle as well, shows us a bullish movement. In the meantime 50 EMA is crossing above middle bollinger band is also showing us a bullish movement.
Note: Trade at your own risk.
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