PRICE ON THE DAILY CURRENTLY SITTING WITHING A MAJOR BUY ZONE, AS YOU CAN SEE BY THE POINTS HIGHLIGHTED IN SEPT 2015 AND ALSO 2014
ZOOMING IN A LITTLE THE DAILY CANDLE FOR FRIDAY TIRED A STRONG PUSH BEARISH POST NFP BUT THE 8/1 FAN ZONE KEPT IT IN CHECK FORMING A NICE DOJI. A BULLISH DAILY CANDLE TOMORROW WOULD INDICATE A HIGHER LOW AND WOULD INDICATE FURTHER...
I was looking at Mr. Anil Mangal's Facebook page when I saw his analysis on the USDCHF since 2000. The uptrend is looking clear and we can expect a rise in the next months/years of thousands of pips.
Would it be a good longterm investment ? I think so.
A strong monthly support cannot be fully broken on the weekly and monthly time frame. Selling power has slowed down and is in a small sideways trend forming. 63 fibs in confluence with monthly support. Phase 1 long term trend in play for a confirmed trend reversal.
Looking to reach above 107.000 with a stop loss placed 30-40 pips below 101.900
Taken a long position based on the following:
- Weekly bullish engulfing candle
- Broken 1.1150 resistance comfortably
This might simply be a bullish trap as we've seen in the past, however with USD weakness in the clouds prior to NFP, lets see where this takes us.
Downtrend established due to 2 consecutive cycles.
respect of the 8 ema and therefore under the ema ( to the left)
touch of 27 extended fib so due for retracement and back down to extension 61.8 to fulfil the ABCD pattern
Potential to go even further to the monthly support around 0.70500
4:1 ratio risk reward
1)Price failed to break and close above resistance zone @ 0.99040
+ triple top formed @ 0.99500 zone
2) False Break and retest of descending price channel
3) Daily support broken @ 0.98402 zone
4) Previous Daily candle closed as an bearish engulfing
5) MA's spiralling to the downside
adding confluence to bearish momentum
6) A break of the trend line will...