USDCHF, week 49's analysis, pending consolidation for week 50Week 49 ended with no significant price movement during NFP, I did not enter long, however, my view was NFP is going to bring USDJPY and USDCHF upwards.
From my analysis, it seems that USDCHF has broken down to level 2 from its level 1 zone, which reached a high back to level 3, M reversal zone. That did paralysed my outlook for a while because it made me rethink if level 3 and level 1 is the same zone or different. However, I decided to separate them because of the break of low from level 3 zone to level 1 zone.
It seems that USDCHF is going to consolidate for a while in level 2, or perhaps it can go straight down when market opens next week. Since I am a day trader, I am going to wait and see how this pair plays out. if it is going down straight, probably I will be looking for a pull back before entering a short one this pair.
Amongst the four most traded pairs for myself, I am taking comfort on long for GBPUSD, EURUSD, and short for USDCHF.
Even though USDJPY is currently seen to be on its level 3 reversal zone with an incomplete W reversal pattern, it is at most a 50% chance that it will rise. Given that it can go to level 4, 5 or more in a persistent market movement.
Please help me to like and share my trading ideas if it provides some insights for you. Remember to follow for my weekly analysis! Thank you!! =)
