USDCHF Retest of Trendline/ Horizontal Resistance Sell
I’ll be looking for a sell if we get a clean test of this previous support now resistance area at 1.006.
This area of horizontal resistance is also trendline resistance that was the market respected as support before eventually breaking support with bearish momentum.
Yesterday's daily candle closed after testing this area and being rejected adding to the confluence of possible downside.
If resistance gets retested and price action looks favourable then i’ll likely sell this market.
I’m still bullish overall on the dollar but i’m anticipating that there will be some short term weakness before a bull run. This trade will be to capitalise on the short term weakness. My previous post where i’m looking to buy USDCAD is still valid. I’ll still be looking for a buy if the market retests support.
Targets will likely be around 1.002 because this trade is short term.
The Trading Edge
This area of horizontal resistance is also trendline resistance that was the market respected as support before eventually breaking support with bearish momentum.
Yesterday's daily candle closed after testing this area and being rejected adding to the confluence of possible downside.
If resistance gets retested and price action looks favourable then i’ll likely sell this market.
I’m still bullish overall on the dollar but i’m anticipating that there will be some short term weakness before a bull run. This trade will be to capitalise on the short term weakness. My previous post where i’m looking to buy USDCAD is still valid. I’ll still be looking for a buy if the market retests support.
Targets will likely be around 1.002 because this trade is short term.
The Trading Edge
However, the market traded up a bit higher than expected.
I'm no longer bearish on this trade as i'm expecting dollar strength this week.