USDCHF | Perspective for the new week

Price is currently within a strong supply zone which has a strong memory of selling pressure at around 0.98500. Are we going to be witnessing another selling pressure from this zone this week or a breakout of this zone to the upside will signal a bullish momentum?

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Trade active:

I am beginning to see selling pressure which is also coming from the supply zone identified in the higher time frame. Having a sell position below the key level at 0.98500 seems appropriate at this juncture in the market.

Good morning

Trade closed manually:

We witnessed a breakout of the supply zone and key level at 0.98500 during yesterday's session. Is this a bullish signal? I wait for further confirmation as price action is been monitored closely.
Though I still have a pending order below the key level at 0.98500

Comment:

So, 24 hours after my previous update; it appears that we have an area of focus right above the supply zone with a potential resistance at the 0.99650.
Monitoring price action; are we going to be witnessing a breakout/retest of the 0.99650 to signal a bullish continuation or is there going to be a breakdown of the 0.98650 to transpose into a reversal pattern in the form of a double top structure?

Good morning

Comment:

UPDATE
A breakdown of 0.98650 appears to be a neckline after considering the double rejection of the 0.99650 level (double top pattern) this morning. Besides, Powell's speech is coming up in 2.5 hours... Getting prepared.

Trade active:

Following the bearish signal yesterday which appeared in the form of a successful breakdown of the neckline at 0.98650. The price is back within the structure and if rejections of this zone happen, I am looking forward to selling.

Good morning

Trade active:

Looking good at the moment

Trade active:

Approximately 100pips in profit at the moment; moving stop-loss to protect my position

Good morning

Trade active:

Bearish momentum appears to be stalling as multiple rejections of the 0.97400 area become more pronounced. Sell position already protected... Let's see what happens

Trade closed manually:

50pips profit... stopped out at adjusted stop loss level after observing buying attempt at 0.97400.

Good night and happy weekend