USDCHF had tried to re-enter a major support/resistance area for the third month in a row, and with less than 24 hours for price to trade higher or lower before the monthly candle closes, it sits relatively close to where it sat 30 days ago.
The data shows an inability to obtain control of price movement throughout the month, and a strong selling presence on the resistance end of the zone shown. After the most recent attempt at breaking through the monthly resistance, price has fully retraced that impulse to the golden pocket, where price is currently trading.
I think there is a good opportunity here to watch price action and trade any signs of increasing volume that begin breaking key intraday support and rejection levels. I never am truly biased, but I anticipate a move downward, creating a healthy red candle to end the month...
It is worth mentioning that from a long term perspective it seems as though the pair still has room to push upward creating a more complete retracement than is currently formed right now. A full retracement would bring price all the way back up to 1.06, potentially higher.
As noted, price has been attempting for quite some time to break above and confirm the 1.0-1.618 level as support. After multiple failed attempts, it appears as though buying pressure has begun to subside now that candle closes are starting to stray from our support/resistance zone.
Until price can push past the .99000 vicinity, I will only be entertaining bearish opportunities.
What do you see?
Like, comment, and subscribe!
Happy trading, and good luck!
The data shows an inability to obtain control of price movement throughout the month, and a strong selling presence on the resistance end of the zone shown. After the most recent attempt at breaking through the monthly resistance, price has fully retraced that impulse to the golden pocket, where price is currently trading.
I think there is a good opportunity here to watch price action and trade any signs of increasing volume that begin breaking key intraday support and rejection levels. I never am truly biased, but I anticipate a move downward, creating a healthy red candle to end the month...
It is worth mentioning that from a long term perspective it seems as though the pair still has room to push upward creating a more complete retracement than is currently formed right now. A full retracement would bring price all the way back up to 1.06, potentially higher.
As noted, price has been attempting for quite some time to break above and confirm the 1.0-1.618 level as support. After multiple failed attempts, it appears as though buying pressure has begun to subside now that candle closes are starting to stray from our support/resistance zone.
Until price can push past the .99000 vicinity, I will only be entertaining bearish opportunities.
What do you see?
Like, comment, and subscribe!
Happy trading, and good luck!
Happy trading, and good luck!