Hello Traders,
Here is the Top-Down Analysis of USDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 06 Oct
M > Price dropped below monthly support and faced rejection at next support level to move upside.
W > Price moved up to our target and faced rejection to drop down.
D> We saw W formation and expected price to drop down to test the neck which price is doing now. After testing neck of W formation we expect price to move up at least to test resistance it created in its last bullish impulse.
As per COT 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 > We can see loss of momentum and expect reversal to bullish move.
Pair Correlation > USDCHF negative correlation with EURUSD.
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 USDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 06 Oct
M > Price dropped below monthly support and faced rejection at next support level to move upside.
W > Price moved up to our target and faced rejection to drop down.
D> We saw W formation and expected price to drop down to test the neck which price is doing now. After testing neck of W formation we expect price to move up at least to test resistance it created in its last bullish impulse.
As per COT 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 > We can see loss of momentum and expect reversal to bullish move.
Pair Correlation > USDCHF negative correlation with EURUSD.
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