USDCHF - Bearish Sequence
Updated
USDCHF has made a STEEP decline since Oct. 3rd giving us a new Lower Low followed by a Lower High indicating DOWNTREND!
Last week price broke my Confirmation (Point A) for the Bearish Sequence giving us a NEW LOWER LOW so my expectations for USDCHF is for price to give us a new Lower High and this High being a Sell Entry to take price down to Sequence Target @ .86699 - .85712!
My 200 EMA and DSR together point to a switch in power and direction as added confluence to Price Action.
Fundamentally, CHF is pretty clear for major news this week and most recently commented in an article as "the preferred safe-haven against the dollar" but USD is packed with PMI Tuesday, Powell speaks Wednesday and Unemployment Claims on Thursday. So TREAD WITH CAUTION THIS WEEK!
tradingview.com/news/reuters.com,2023:newsml_L1N3BQ1TI:0-view-of-the-week-risk-assets-are-at-a-pivotal-area-for-fx-traders/
-SELL-
{ SL } .90170
{ ENTRY } .89840 - .89730
{ TP } .86699 - .85712
*TRADING INVOLVES RISK! DO NOT TRADE WHAT YOU DO NOT UNDERSTAND OR HAVE NOT TESTED BEFORE! THIS IS NOT TRADING ADVICE. EDUCTIONAL PURPOSES ONLY!*
Last week price broke my Confirmation (Point A) for the Bearish Sequence giving us a NEW LOWER LOW so my expectations for USDCHF is for price to give us a new Lower High and this High being a Sell Entry to take price down to Sequence Target @ .86699 - .85712!
My 200 EMA and DSR together point to a switch in power and direction as added confluence to Price Action.
Fundamentally, CHF is pretty clear for major news this week and most recently commented in an article as "the preferred safe-haven against the dollar" but USD is packed with PMI Tuesday, Powell speaks Wednesday and Unemployment Claims on Thursday. So TREAD WITH CAUTION THIS WEEK!
tradingview.com/news/reuters.com,2023:newsml_L1N3BQ1TI:0-view-of-the-week-risk-assets-are-at-a-pivotal-area-for-fx-traders/
-SELL-
{ SL } .90170
{ ENTRY } .89840 - .89730
{ TP } .86699 - .85712
*TRADING INVOLVES RISK! DO NOT TRADE WHAT YOU DO NOT UNDERSTAND OR HAVE NOT TESTED BEFORE! THIS IS NOT TRADING ADVICE. EDUCTIONAL PURPOSES ONLY!*
Trade active
Sell Entry @ .8957Trade closed manually
Taking what little profit there was seeing as how Price is unable to work any further down
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
Related publications
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.