Possiblity here that wave 2 hasn't finished and that we're more likely to come down to test the 0.97 region (steel support) to complete the "x" wave. A bounce should be expected in this region, taking us to the highs of 1.1$ once again. This also gives us an alternation between "W" & "Y", which they'll both be equal in size. Invalidation here would be a pop above...
Just entered a trade on swissy going long. I believe this is going to break the highs here, so we'll see how it goes,
Stop to B/E after 30 pips in profit
Note: it is Friday, so if price stagnates at this level, I'll think about closing the position at B/E and re-enter next week. Will keep you updated
USD CHF
USD CHF keep ranging between 0.9830 - 1.0010 on 4hour chart. But from start of Decmber price start to sharp drop from the top of the range.
At the same time, price making lower low and lower high.
Currently price break below 0.9830 which mean is the below the ranging area.
The next level would expect is 0.9780, then around 0.9680.
But change to big...
The 1H chart shows an interesting pattern displayed in this USDCHF pair.
You can see that price action was going sideway from 3 Dec to 10 Dec (1 week) before it breaks down.
It attempted to break out of the support turn resistance level at 0.98592 several times but failed
several times.
Price action has been sitting on 0.98157 for a while and I see multiple...
Last week price made strong moves to the downside and now, we are looking to go long next week because price already did make strong rejection candles inside our demand zone.
Our target would be at our supply zone which is our high probable target.
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USDCHF may be consolidating but faces risk of a move further lower. Resistance comes in at the 0.9950 level. Above here, resistance lies at the 1.0000 level and then the 1.0050 level. Further out, resistance stands at the 1.0100 level. Its weakly RSI is bearish and pointing lower suggesting further weakness. On the downside, support is located at the 0.9850...
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I will begin USDHCF Chart Analysis for December 13th
This is XAUUSD Gold Chart Analysis for yesterday.
First, it followed route A and then it touched the line at $1,486.
Right after, it suddenly dropped right to the entry point of route B.
It...
The USDCHF, also known as the “swissie” is the fifth most traded currency in the Forex market. It is considered to a safe haven pair due to its stability and neutral character of Switzerland and is a reserve currency used by markets worldwide.
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