On Bearish Watch list for Next Week, Intraday Shorts will follow
Swissy evening Comment: Following a lower plunge during the NA session this afternoon. with the pair lost nearly 100 pip. The USDCHF pair continue's to move down in a strong BEARISH trend as it did for past - days ( view Daily chart below ).
On the other hand. USDCHF is holding well below the long term 200 days simple moving average (that's why we dont recommend any long trades on the USDCHF for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BEARISH trend. You should be however; alerted to the Pennet Pattern which is emerging on the 30M Chart. Which might break down in the direction of main BEARISH Trend on Daily Chart.
CONCLUSION: As per above general BEARISH trend; Only Short trades to be considered following completion of any counter trend rising correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding below the 200 periods simple moving (red dotted line) average the on the 30-M chart ). For the final Short entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
(c) This pair review has been published by TFF (TM) Forex Scanner Analysis team trendfollowingformula.com on Friday 2016.07.29 19:30:30 (GMT).
On the other hand. USDCHF is holding well below the long term 200 days simple moving average (that's why we dont recommend any long trades on the USDCHF for the coming days). The 50 and the 20 days simple moving averages are also confirming continuation of the the well establish BEARISH trend. You should be however; alerted to the Pennet Pattern which is emerging on the 30M Chart. Which might break down in the direction of main BEARISH Trend on Daily Chart.
CONCLUSION: As per above general BEARISH trend; Only Short trades to be considered following completion of any counter trend rising correction on the 30-minute chart. (Note: This conclusion is only valid as long as price is holding below the 200 periods simple moving (red dotted line) average the on the 30-M chart ). For the final Short entry signal please watch for the coming vertical Key Time Reversal Zone on the 30M chart (as presented on 30M chart below)
(c) This pair review has been published by TFF (TM) Forex Scanner Analysis team trendfollowingformula.com on Friday 2016.07.29 19:30:30 (GMT).
