USDCHF the Lagging Span at a strong level
Updated
Following the DXY analysis (tradingview.com/chart/DXY/v9P6h1YF-DXY-potential-for-correction/), the Lagging Span is a it's SSB level on the Weekly Timeframe. If the Lagging Span is refused to pass, a correction to the Weekly TS or KS is likely.
A breaking of that level and after confirmation, the next Target would be the Monthly KS as marked on the chart.
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
A breaking of that level and after confirmation, the next Target would be the Monthly KS as marked on the chart.
Glossary :
TS = Tenkan Sen | KS = Kijun Sen | LS = Lagging Span/Chikou Span
DLY = Daily | WLY = Weekly | MLY = Monthly
TL = Trend Line | TP = Take Profit | SL/ INV = Stop Loss / Invalidation | TF = Timeframe
** THIS ANALYSIS IS MY OWN OPINION AND IS NOT A TRADING OR INVESTMENT ADVICE. ALWAYS TRADE WITH CARE **
Comment
As expected, the Lagging Span was rejected by the Weekly SSB and price are currently retracing.The Weekly KS could be a potential target.
Trade closed: target reached
Price retraced to the WLY KS, from where it could react by bouncing back on the upside or by either breaking that level, however there is now a confluence of support levels on the DLY chart.
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