USDCHF #USDCHF
MONTHLY The Primary trend of the pair; shows an active Bearish market, with, market price-creating price prints of a bearish market structure, with a series of LHs and LLs. The present primary LL sits at a time low of $0.70, invalidating the last LL($0.96),
Price after finding support at the ATL, reclaimed its 30% drop over a year to find therein resistance at the price level $1.00, Over which there have been several attempts by the buyers to reclaim and break above the $1.00 mark, which is claimed by the sellers, but all the efforts were to no avail as price found equilibrium, at the $1.00 mark zone($0.91-$1.0), ranging for over 7 years (2012-2019), while redistributing looking forward to further sell-offs, All efforts by the buyers had them build up sell-side trendline liquidity, which was an indication that price was going head down the part of least resistance,
A breakthrough came from the sell side; in mid-2020, we could see sellers biding price below the secondary support of $0.91 and a break out of the long-awaited equilibrium, and an effort to clean up the sell side trendline liquidity, before finding present support at ($0.90), heading higher to reclaim the 15% drop And also creating a familiar continuation pattern(RISING CHANNEL) which is an indication of further sell-off, in the coming months.
Price action during this pattern build seems to have, a lot of interest as we can see the trading volume of that particular pattern build-up, being the highest the pair has seen in over 8 years, with a major sell volume after the breakout and retracement of the continuation pattern which sits at $0.94, currently, the price sits at a recent support zone,
WEEKLY:
With an eagle-eye view of the directional bias of the pair, it is safe to say we should be expecting a correctional wave into the 61% golden Fibonacci retracement zone before we see further sell-off, Having a look at the Relative strength of the pair one would have expected an oversold state but, as it shows, price still has a little bit of space for an expansion to further solidify a bottom.
DAILY:
All that is left is the approach; Aggressive or 'conservative? because the reversal is imminent courtesy of the compared relative strength of the last sell impulsive move which lacked solidity, in reference to others, before the break of structure.
An aggressive approach is getting in at a fair price in the 4H tf As daily Relative Strength shows price was oversold on the 23rd of this month which isn't enough for a solid bottom, but on the other hand also tradeable, but would require less risk than usual in the initials and more buys would be taken scaling up the position as price heads higher,
A conservative approach would be to wait for a clear trend reversal confluences before hoping in, this approach would be more safer and advisable and
MONTHLY The Primary trend of the pair; shows an active Bearish market, with, market price-creating price prints of a bearish market structure, with a series of LHs and LLs. The present primary LL sits at a time low of $0.70, invalidating the last LL($0.96),
Price after finding support at the ATL, reclaimed its 30% drop over a year to find therein resistance at the price level $1.00, Over which there have been several attempts by the buyers to reclaim and break above the $1.00 mark, which is claimed by the sellers, but all the efforts were to no avail as price found equilibrium, at the $1.00 mark zone($0.91-$1.0), ranging for over 7 years (2012-2019), while redistributing looking forward to further sell-offs, All efforts by the buyers had them build up sell-side trendline liquidity, which was an indication that price was going head down the part of least resistance,
A breakthrough came from the sell side; in mid-2020, we could see sellers biding price below the secondary support of $0.91 and a break out of the long-awaited equilibrium, and an effort to clean up the sell side trendline liquidity, before finding present support at ($0.90), heading higher to reclaim the 15% drop And also creating a familiar continuation pattern(RISING CHANNEL) which is an indication of further sell-off, in the coming months.
Price action during this pattern build seems to have, a lot of interest as we can see the trading volume of that particular pattern build-up, being the highest the pair has seen in over 8 years, with a major sell volume after the breakout and retracement of the continuation pattern which sits at $0.94, currently, the price sits at a recent support zone,
WEEKLY:
With an eagle-eye view of the directional bias of the pair, it is safe to say we should be expecting a correctional wave into the 61% golden Fibonacci retracement zone before we see further sell-off, Having a look at the Relative strength of the pair one would have expected an oversold state but, as it shows, price still has a little bit of space for an expansion to further solidify a bottom.
DAILY:
All that is left is the approach; Aggressive or 'conservative? because the reversal is imminent courtesy of the compared relative strength of the last sell impulsive move which lacked solidity, in reference to others, before the break of structure.
An aggressive approach is getting in at a fair price in the 4H tf As daily Relative Strength shows price was oversold on the 23rd of this month which isn't enough for a solid bottom, but on the other hand also tradeable, but would require less risk than usual in the initials and more buys would be taken scaling up the position as price heads higher,
A conservative approach would be to wait for a clear trend reversal confluences before hoping in, this approach would be more safer and advisable and
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.