-GBPCHF showed some good bearish pressure for the past 3 days like we expected
-Price ranged for 10 days, from my personal point of view I will wait for a breakout to the downside maybe a pullback the a continuation because of the selling pressure
-Price still have a possibility to range again because we still don't see any breakout of the support zone
GBPCHF is rejecting to go above 1.8900 and respecting it as a valid RESISTANCE
The daily candle is likely to close as a bearish pin bar so it is possible to see the pair going bearish for the next days
THE PRICE JUST WENT ABOVE OUR RESISTANCE LINE IN THE ASCENDING TRIANGLE PATTERN AND CAME BACK TO RETEST IT
WE ARE NOTICING WICK REJECTIONS FROM THAT AREA FOR QUITE SOME TIME GIVING US VALIDATION OF THAT LEVEL
PRICE IS LIKELY GOING TO THE UPSIDE AND PROBABLY WILL HEAD TO THE 44 AREA
WE HAVE TWO POSSIBLE SCENARIOS IN FRONT OF US
EITHER THE PRICE WILL BOUNCE BACK FROM
KEY KEVEL\RESISTANCE AND CONTINUE RANGING
OR WE CAN SEE THE PRICE BREAKING THE
KEY LEVEL\RESISTANCE AREA THEN
WE CAN SEE A CONTINUATION TO THE
UPSIDE
EURUSD is currently sitting in a major resistance area
- we can expect the price to reverse to the downside after seeing the price respecting the area of resistance while we can see a double top being formed in the 4H TF
- we can expect to see the price breaking our major area of resistance and come back to retest it as a new area of support then a continuation...
GBPUSD forming a new HL and respecting the previous resistance as a new support
we can except the market to continue bullish till next area of resistance
GBPJPY played out exactly like we were expecting on Monday
- Now we can see a that the price broke through a major RESISTANCE area and retesting now as a new SUPPORT area plus we can see that the price has failed to break in that area for quite some time
- If the 4H close with a wick rejection or showed some bullish momentum it will give us more confirmation...
USDCAD is forming a head and shoulders pattern in the daily TF
-we should wait for the neckline\support to be broken then we'll look for a pullback to the same area as a retest to consider SHORTING
DXY possible scenarios for the upcoming week
- the price currently sitting in a major support area
- we can either except the area to be broken and retested the a continuation to the the downside
or we can see the area being respected then a reversal to the upside
