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JasonKennedy
May 13, 2018 2:02 AM

USDCHF TREND REVERSAL? Short

U.S. Dollar/Swiss FrancFXCM

Description

Price has broken out of it's recent consolidation zone to the down side (indicating a possible trend reversal) and has retested previous support (now resistance) providing a good trading opportunity pending Monday's opening price.

Reasoning
- Break out and retest of consolidation zone (new lower low)
- Price has put in a little cluster of long wick candles (indicating buyers have been met with some resistance from sellers)
- 38.2 & 50% fib confluence
- Engulfing bear candle
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