USDCHF | Perspective for the new week
With over 100pips running in profit since my last publication (see link below for reference purposes), the US dollar has continued its downtrend against the Swiss franc for the fourth consecutive day. Signs of a further decline in the Greenback continues to be emphatic as price breaks down and retest Fr0.90800 to make new Resistance level for future "sells".
Tendency: Downtrend (Bearish )
Structure: Trend Channel | Breakdown| Supply & Demand
Observation: i. Price appears to continue to respect the Downtrend that began in April 2019 as it gets caught in a Descending channel pattern.
ii. Connecting the lower highs and lower lows of price with parallel trendlines support my downward trend bias.
iii. Price making lower low since the beginning of the month points at the sellers' momentum at this juncture as we experienced a significant Breakdown followed by a retest of Fr0.90800 level last week.
iv. For me, Fr0.90800 level shall be my yardstick (new Resistance level) for selling opportunities in the following week(s).
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 1 to 4 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable 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 prior to 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: Trend Channel | Breakdown| Supply & Demand
Observation: i. Price appears to continue to respect the Downtrend that began in April 2019 as it gets caught in a Descending channel pattern.
ii. Connecting the lower highs and lower lows of price with parallel trendlines support my downward trend bias.
iii. Price making lower low since the beginning of the month points at the sellers' momentum at this juncture as we experienced a significant Breakdown followed by a retest of Fr0.90800 level last week.
iv. For me, Fr0.90800 level shall be my yardstick (new Resistance level) for selling opportunities in the following week(s).
Trading plan: SELL confirmation with a minimum potential profit of 150 pips.
Risk/Reward: 1:5
Potential Duration: 1 to 4 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable 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 prior to 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
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