On Friday, before the close, took long position on USDCHF. 1 hour chart made some sort of double bottom and correction to the resistance line was a good entry point (0.9260). Test of the daily resistance at 0.9380 should take place next week.
Current wide swings suggest about longer term consolidation and trend down can be considered just below 88.00 and most likely this trade is just a premature attempt. On the other hand price came to the previous resistance at 89.63 and another swing down would attract more bears.
Recent drop down suggests that possible longer term correction started and this correction can become a long term trend down. Price broke last positive trend line and pull back I saw as opportunity to sell.
Last few days market just consolidated and another attempt to the down side can be strong one. While it is dangerous to sell now, but there is possible to take a risk by placing order below last minor support - 0.8395.
Daily trend is most likely coming to the end, but there is still some bullish possibilities. Current consolidation appeared on the 60% retracement of the previous trend up and break out to the up side should lead at least to test resistance once again. Risky, but worth a try.
Yesterday's negative action suggest that some correction started for EURGBP pair. Euro and British pound should maintain positive positions against US dollar, but I believe British pound has a better chance to go further to the upside and current EURGBP correction on 1 hour chart should last to 0.8234 at least. Above recent high trend to the up side will resume.
This trade is based on the previous two attempt to go up (marked A-B) and currently small trend line has been broken. Resistance at 1.9280 can be tested. Above that this market will have longer term trend up.
Current price action is most likely a correction of the previous positive trend. Price stuck to daily ex-resistance area and bounce from here can start new positive trend. My initial target (if price will bounce up) is current resistance area at 1.3400, but with the strong movement next trend up can last up to 1.3600 area.
Yesterday's negative day and now break to the down side again should lead to test support area at 1.3000. Risk is minimum. In the case market will turn around, most likely I will go long, but at the moment, while price is below 1.3100, I prefer short positions.
After yesterday's positive move to the up side, price started to consolidate and continuation of the positive move is expected. Best way probably is to buy after the price moves from the consolidation to the up side, but I bought inside the consolidation with the small stop just below today's low.
Current consolidation near 0.8380 pointing to the up side, but break below today's low should start journey to the down side to test support area 0.8160. At this moment (in the case price will go down) my target is 0.8225.
Triangle is forming on 1 hour chart and break out to the down side is a good set up to get some short positions. At the same time break to the up side is a good set up to get some long positions, but at this moment I prefer short position. Break of the triangle's upper line and this plan is not valid any more and possible long positions will be established.