USDCHF trading in uptrend line
price rebounded from key level around 0.8980
price based above SMA 100
MACD shows start of bullish momentum
RSI in uptrend line above 50
so its expect bullish movement to supply zone around 0.9160
Hey everyone,
Managed to trade a quick scalp on the EUR/USD. Prior to my entry there was the German Manufacturing PMI coming out (was released -ve). Usually the price movements on that kind of event are not anything major however on this occasion the pair plunged by about 50 pips shortly after its release. It goes to show that you should never underestimate...
Friday’s rebound from 50-DMA if followed by a daily close today above 1.2582 would open the doors to 1.2706-1.2773 (upper Bol Band). The ADX has been flat lined for quite some time…hence the odds of the trend gathering pace are high. A move higher to 1.27 could also yield a bullish crossover on the DMI.
On the downside, a daily close below 50-DMA would add...
· Pair’s repeated failure around 0.78 handle followed by a retreat to 0.76 handle has led to a Gravestone Doji formation on the weekly chart.
· The monthly RSI and MACD suggest loss of bullish momentum.
· The spot thus appears poised for a sell-off to 0.74 handle.
