USDCHF-- potential for movement from here
Updated
USDCHF had tried to re-enter a major support/resistance area for the third month in a row, and with less than 24 hours for price to trade higher or lower before the monthly candle closes, it sits relatively close to where it sat 30 days ago.
The data shows inability to obtain control of the price throughout the month, and a strong selling presence on the resistance end of the zone shown. After the most recent attempt at breaking through the monthly resistance, price has fully retraced that impulse to the golden pocket, where price is currently trading. I think there is a good opportunity here to watch price action and trade any signs of increasing volume that begin breaking some of the key intraday rejection levels. I never am truly biased, but I anticipate a move downward, creating a healthy red candle to end the month.
It is worth mentioning that from a more long term perspective it seems as though the pair still has room to push upward creating a more complete retracement than is currently formed.
What do you see?
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Happy trading, and good luck!
The data shows inability to obtain control of the price throughout the month, and a strong selling presence on the resistance end of the zone shown. After the most recent attempt at breaking through the monthly resistance, price has fully retraced that impulse to the golden pocket, where price is currently trading. I think there is a good opportunity here to watch price action and trade any signs of increasing volume that begin breaking some of the key intraday rejection levels. I never am truly biased, but I anticipate a move downward, creating a healthy red candle to end the month.
It is worth mentioning that from a more long term perspective it seems as though the pair still has room to push upward creating a more complete retracement than is currently formed.
What do you see?
Like, comment, and subscribe!
Happy trading, and good luck!
Note
There is a newer/better/ edited version of this post available now. See the related ideas attached below.
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