4H Chart Explanation:
- Price broke the Ascending Trendline.
- Price was on a Bearish Corrective Structure that was broken after bouncing on the Resistance Zone.
- Price should continue its down move from here, with a main target on the Major Support Zone.
- We are looking for sell setups on lower timeframes.
Hi traders, here're 4 reasons you should consider taking this very nice setup in USD/CHF. As always, let me know in your comments what you think.
1. Bearish wedge breakout to the downside, projecting a profit target to the lower 0.96xx levels
2. Retracement at the 61.8% Fib level
3. Weak US data lately, CHF possibly gaining from Brexit worries
4. Bearish RSI...
The USDJPY is holding up at resistance but may be building to extend the move to higher levels around 110.570. We are watching for a reaction lower off 108.890 as buyers get squeezed out but are also open to the idea that price could easily extend through the level. Any short setup will need confirmation from a shoulder setup (lower high)....see how this plays...