USDxxx (CHF,CAD,JPY) have always been in a down trend which mainly means DXY is doing the same and if you know when to enter it could be very profitable.
Clearly a BEARISH TREND on Monthly,
Weekly the market shows a breakout of the YEARLY BEARISH TREND RESISTANCE LINE but never broke above the previous LOWER HIGH to confirm a trend reversal.
After the trend breakout we see a 6 YEAR CONSOLIDATION! Just bouncing 800+ pips from support to resistance.
As of JULY 2020 the market BROKE OUT the yearly consolidation and is now RETESTING around .9400
Im expecting continuation of trend to the downside
watchout for sell setups and just fib
TP1 .7200
TP2 .6000
Clearly a BEARISH TREND on Monthly,
Weekly the market shows a breakout of the YEARLY BEARISH TREND RESISTANCE LINE but never broke above the previous LOWER HIGH to confirm a trend reversal.
After the trend breakout we see a 6 YEAR CONSOLIDATION! Just bouncing 800+ pips from support to resistance.
As of JULY 2020 the market BROKE OUT the yearly consolidation and is now RETESTING around .9400
Im expecting continuation of trend to the downside
watchout for sell setups and just fib
TP1 .7200
TP2 .6000
Comment:
www.babypips.com/learn/forex/wedges