USDCHF week 2's move ended near the opening of the week. Both long and short traders would have suffered losses somewhere along if they held on to multi-day positions. The winner would certainly be the day traders. I was shorting the USDCHF on Monday and exited sometime late Monday or early Tuesday. The analysis of USDCHF was for it to rise in the longer term, but it unexpectedly made a dip of about 65 pips lower than the low identified in the W reversal. While this is not a tremendous move, it can shake the long traders off.
After the dip was an immediate rise which caught all the short traders off guard and some might exit with little or no profit, some might have made a loss. I personally made a loss as I expected the price to go back down again and form a second leg, however, the losses were covered by the gains I made in GBPUSD. Making my week 2 net positive.
So it seems that the price will be going back to the bull trend? I actually think so, the zone that it consolidated during Friday to the end of the week, is considered to be a bullish level 1. I expect the price to rise fast on Monday till a bullish level 3 to be formed sometime in Tuesday or Wednesday.
Therefore, moving forward, I am going to long USDCHF on Monday, since this rise has given me confidence that it will continue to rise further.
I hope you will continue to make good gains in week 3!
If you have any thoughts on USDCHF's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
After the dip was an immediate rise which caught all the short traders off guard and some might exit with little or no profit, some might have made a loss. I personally made a loss as I expected the price to go back down again and form a second leg, however, the losses were covered by the gains I made in GBPUSD. Making my week 2 net positive.
So it seems that the price will be going back to the bull trend? I actually think so, the zone that it consolidated during Friday to the end of the week, is considered to be a bullish level 1. I expect the price to rise fast on Monday till a bullish level 3 to be formed sometime in Tuesday or Wednesday.
Therefore, moving forward, I am going to long USDCHF on Monday, since this rise has given me confidence that it will continue to rise further.
I hope you will continue to make good gains in week 3!
If you have any thoughts on USDCHF's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
