USDCHF | Perspective for the new week | Follow-up details
It has been over 300pips run in our direction since my last publication on this pair (see link below for reference purposes) and the pattern of consolidation above our previous Key level @ Fr0.91500 (see previous publication) coupled with the significant Breakdown on the 8th of July 2021 informs a Bearish perspective that could either be a long term or most likely a short term.
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Channel | Reversal pattern
Observation: i. Since price hit Fr0.92750; The price has continued to find lower lows with signs that project a loss in momentum for buyers as price action transposes into a Descending channel.
ii. A dip below Bullish Trendline might open the path for a fall towards the Fr0.90600 region.
iii. Even as I look forward to a Breakdown/Retest of Bullish Trendline within the Channel, Selling right below Fr0.91950 appears to be comfortable.
iv. Connecting the lower highs and lower lows of price action in the last month with parallel trendlines reveals a downward trend.
v. Breakdown/Retest of the Bullish Trendline in the coming week confirms the Bearish bias hereby allowing additions to the existing position.
vi. Considering the impulse leg (Bullish) that began mid-June 2021 (see daily chart below), it is appropriate that we remain conscious as the price action might be going through a corrective phase and a Breakout/Retest of Channel to the upside shall see us switch to my previous publication (uptrend continuation)... Trade consciously!😊
b]Trading plan: SELL confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:7
Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) is high risk and unsuitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation before making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Channel | Reversal pattern
Observation: i. Since price hit Fr0.92750; The price has continued to find lower lows with signs that project a loss in momentum for buyers as price action transposes into a Descending channel.
ii. A dip below Bullish Trendline might open the path for a fall towards the Fr0.90600 region.
iii. Even as I look forward to a Breakdown/Retest of Bullish Trendline within the Channel, Selling right below Fr0.91950 appears to be comfortable.
iv. Connecting the lower highs and lower lows of price action in the last month with parallel trendlines reveals a downward trend.
v. Breakdown/Retest of the Bullish Trendline in the coming week confirms the Bearish bias hereby allowing additions to the existing position.
vi. Considering the impulse leg (Bullish) that began mid-June 2021 (see daily chart below), it is appropriate that we remain conscious as the price action might be going through a corrective phase and a Breakout/Retest of Channel to the upside shall see us switch to my previous publication (uptrend continuation)... Trade consciously!😊
b]Trading plan: SELL confirmation with a minimum potential profit of 120 pips.
Risk/Reward: 1:7
Potential Duration: 2 to 5days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) is high risk and unsuitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation before making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
