USDCHF ready to make a significant downward move???
Updated
Good Afternoon Traders,
The USDCHF may be getting ready to make a significant move downwards.
On the 16H, the price was rejected off a trend line drawn from the beginning of the current downward trend at the end of the trading week. Hidden Bearish Divergence has also formed on the 16H MACD/Price Chart. RSI has moved well out of OVERSOLD territory.
On the 1W charts, Hidden Bearish Divergence has also formed. Price was slowly moving downward and being rejected off the 50-EMA. During the last 2 trading weeks, the price broke out downwards. I expect this trend to continue downwards. I have two areas where profit taking consideration will be made: first around .9425 and second at .9300
Hidden Bearish Divergence is showing all over the charts, this is a pair to keep an eye on. I will be following up with this trade during the upcoming trading weeks.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
The USDCHF may be getting ready to make a significant move downwards.
On the 16H, the price was rejected off a trend line drawn from the beginning of the current downward trend at the end of the trading week. Hidden Bearish Divergence has also formed on the 16H MACD/Price Chart. RSI has moved well out of OVERSOLD territory.
On the 1W charts, Hidden Bearish Divergence has also formed. Price was slowly moving downward and being rejected off the 50-EMA. During the last 2 trading weeks, the price broke out downwards. I expect this trend to continue downwards. I have two areas where profit taking consideration will be made: first around .9425 and second at .9300
Hidden Bearish Divergence is showing all over the charts, this is a pair to keep an eye on. I will be following up with this trade during the upcoming trading weeks.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Note
Two additional candles were rejected at the trend-line on the 4H. Short Entry consideration will be madeTrade closed: target reached
TP1 was reached and SELL trade was partially closed. New entry may be considered upon pull-back in Price.
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