Hello Traders,
Here is the Top-Down Analysis of NZDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 06 Oct
M > Market is moving in a downward channel with few breakouts. Price moved up to test previous support now turned monthly resistance and faced rejection.
W > We can notice that price is facing rejection from supply zones that turn into resistance. Price moved up to face rejection in 1st week of June and supply zone created in last week of June turned into resistance for price in August and September. Price is now at supply zone.
D > We saw a W formation and price dropped till neck to complete the formation and moved up. Price is now at daily supply level. We expect price to drop to test demand zone as 1st target.
As per COT NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H > Price is continuing to create HH and HL and we need to wait for reversal confirmation for trend to turn bearish.
Pair Correlation > NZDCHF has positive correlation with NZDCAD, NZDUSD and AUDCHF and negative correlation with EURNZD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of NZDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 06 Oct
M > Market is moving in a downward channel with few breakouts. Price moved up to test previous support now turned monthly resistance and faced rejection.
W > We can notice that price is facing rejection from supply zones that turn into resistance. Price moved up to face rejection in 1st week of June and supply zone created in last week of June turned into resistance for price in August and September. Price is now at supply zone.
D > We saw a W formation and price dropped till neck to complete the formation and moved up. Price is now at daily supply level. We expect price to drop to test demand zone as 1st target.
As per COT NZD saw addition of few Long and more Short reducing net positions, confirming weakness of NZD for the said week. ZXY improved its position last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.
4H > Price is continuing to create HH and HL and we need to wait for reversal confirmation for trend to turn bearish.
Pair Correlation > NZDCHF has positive correlation with NZDCAD, NZDUSD and AUDCHF and negative correlation with EURNZD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX