Whats up traders, I hope you all had a wonderful Christmas and are now refreshed for a fresh week of trading.
Here we have USD/CHF on the 4H chart.
USD/CHF has been in a gentle downside correction move after the strong upside rally that previously went up to 0.9960. Price has been having a gentle downside correction ever since, and I am expecting price to have a down move and a bounce soon.
After this correction finishes, there is a possibility of a bounce, which could be a good up move opportunity. Price is currently at a side-wards resistance level at 0.9890, and price has began to show reversal candlesticks . The candles could suggest a change of command from the bulls to the bears, and I believe the bears could potentially capture this move if the next few candles get the better of the bulls.
If price fails at the current side-wards resistance at 0.9890, price could move down to one of the support zones outlined on my chart.
If price begins a reversal at the current resistance , I am expecting a corrective down move to the structure target of 0.9830. If price breaks down and hits the second support zone on my chart, I am expecting price to move down to 0.9730.
For those of you who use indicators on their charts, there is also a compelling bearish divergence on the Stochastic indicator. This strongly supports the down move in my analysis.
I will be updating this analysis if it exceeds 30 likes.
Here we have USD/CHF on the 4H chart.
USD/CHF has been in a gentle downside correction move after the strong upside rally that previously went up to 0.9960. Price has been having a gentle downside correction ever since, and I am expecting price to have a down move and a bounce soon.
After this correction finishes, there is a possibility of a bounce, which could be a good up move opportunity. Price is currently at a side-wards resistance level at 0.9890, and price has began to show reversal candlesticks . The candles could suggest a change of command from the bulls to the bears, and I believe the bears could potentially capture this move if the next few candles get the better of the bulls.
If price fails at the current side-wards resistance at 0.9890, price could move down to one of the support zones outlined on my chart.
If price begins a reversal at the current resistance , I am expecting a corrective down move to the structure target of 0.9830. If price breaks down and hits the second support zone on my chart, I am expecting price to move down to 0.9730.
For those of you who use indicators on their charts, there is also a compelling bearish divergence on the Stochastic indicator. This strongly supports the down move in my analysis.
I will be updating this analysis if it exceeds 30 likes.
Trade closed: target reached:
I have taken profits here, and also signaled that my FOREX private signals group does the same.
Well done to everyone who was able to tae advantage of this trade!
Well done to everyone who was able to tae advantage of this trade!
Comment:
Brand new analysis posted regarding BTC/USD on my TradingView profile.
This post gives my latest thoughts about BTC/USD and looks atthe ideal places to be a buyer.
Check it out now!
This post gives my latest thoughts about BTC/USD and looks atthe ideal places to be a buyer.
Check it out now!
Comment:
Brand new ETH/USD idea just published on my TradingView!
Check out my TradingView profile for my latest thoughts on Ethereum!
Check out my TradingView profile for my latest thoughts on Ethereum!
Check out my TradingView profile to see more!