USDCHF | Perspective for the new week

OANDA:USDCHF   U.S. Dollar / Swiss Franc
From the weekly chart, the overall perspective is Bearish despite the uptrend scenario on the daily chart that began on the 2nd of November 2021.
The Greenback climbed to over a two-week high prior to the Non-farm payroll report but was struck with a wave of "sells" after the report detailed that the US economy added 199,000 new jobs in December - a feat which was below the consensus of 400, 000.

Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Trendline
Observation: i. Since July 2020, it is observed that the Fr0.93750 zone has been a strong area for the bears.
ii. The Bullish run that began on the 2nd of November 2021 was stalled at Fr0.93750 (an area peculiar with strong selling pressure in the last 18months) and was immediately followed by strong selling pressure which is represented on the chart bearish engulfing candle
iii. Trendline: The visual representation of a line drawn above pivot highs reveals the prevailing direction and speed of price action in the last42 days.
iv. And since the strong reversal, buyers have been finding it difficult to break through Fr0.92800. A character that emphasizes the selling pressure at this juncture in the market.
v. The breakdown of the Bullish trendline and Key level in December 2021 is a further signal that buyers are losing steam as they make another attempt to hijack the momentum from sellers during last week trading session.
vi. For me, the surge in price during last week trading session could probably lead to a retest of the bullish trendline broken to incite a further decline in price in the coming week(s).
vii . The early hours/days of the new week might see a price climb into the new supply zone I have identified within Fr0.92120 &0.92450 where I shall be looking for a reversal set up to take a short position
viii. If this does not happen and price decides to do an outright breakdown of key level @ Fr0.91750 then it is advisable to use the key level as a yardstick for precautionary measures... Trade consciously!😊
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 2 to 7days

NB: This speculation might be considered to make individual decisions on the lower timeframe.

Watch this space for updates as price action is been monitored.

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