Week 51 has seen USDCHF dropping back to Week 49's low. As with week 50's analysis, a level 2 uptrend was spotted, and I do not feel comfortable that it will continue to rise even though it was at a level 2 up trend. So indeed, when market opens on week 52, it went down straight on monday, and ended the week somewhere in the middle of week 51's weekly range.
So what can we expect in week 52?
I am now seeing it at a level 2 bearish trend , and I am confident that it will continue to drop further. The rise back up on friday gave shorter a chance to enter short at a better price, and I placed multiple small entries too.
The current identified level 2 downtrend showed the high of level 2 zone reached back up to level 1 zone, with a lower low at level 2 zone. This might be a process of High/Low reset, as we are approaching the end of the year, with many traders going on holiday, I won't be surprised if next week still range within the high and low of level 2 downtrend.
If we further identified a High/Low rest, then we will need to forget about the level counting, and wait for a reversal pattern before we continue a new level count on either the up or down trend.
Conclusion
As of now, I am expecting a drop to the low of level 2 zone made in week 51. However, stay alert and open, be flexible to change side if market changes. Have a profitable week 52!
If you have any thoughts on USDCHF's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like and share this analysis, and follow me for my weekly updates!
So what can we expect in week 52?
I am now seeing it at a level 2 bearish trend , and I am confident that it will continue to drop further. The rise back up on friday gave shorter a chance to enter short at a better price, and I placed multiple small entries too.
The current identified level 2 downtrend showed the high of level 2 zone reached back up to level 1 zone, with a lower low at level 2 zone. This might be a process of High/Low reset, as we are approaching the end of the year, with many traders going on holiday, I won't be surprised if next week still range within the high and low of level 2 downtrend.
If we further identified a High/Low rest, then we will need to forget about the level counting, and wait for a reversal pattern before we continue a new level count on either the up or down trend.
Conclusion
As of now, I am expecting a drop to the low of level 2 zone made in week 51. However, stay alert and open, be flexible to change side if market changes. Have a profitable week 52!
If you have any thoughts on USDCHF's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like and share this analysis, and follow me for my weekly updates!
