We have seen USDCHF come off a Major Supply Zone and test the Intermediate level.
We can see this as 3 tests of Intermediate Support
1. Test 1 - Immediate rejection with a double bottom with Reversal straight back to Supply.
2. Test 2 - Further movement into the Intermediate Demand and Bounce not making back to Supply.
3. Test 3 - A false break of the Demand area , tripping stops. Only a small reaction back up.
4. Test 4 - effective BREAKOUT of the intermediate support.
5. Test 5 - now we have Support Turn to Resistance and the creation of a SWAP ZONE.
The direction of price is likely now to the Major Demand Zone below. Suggested trade on chart
We can see this as 3 tests of Intermediate Support
1. Test 1 - Immediate rejection with a double bottom with Reversal straight back to Supply.
2. Test 2 - Further movement into the Intermediate Demand and Bounce not making back to Supply.
3. Test 3 - A false break of the Demand area , tripping stops. Only a small reaction back up.
4. Test 4 - effective BREAKOUT of the intermediate support.
5. Test 5 - now we have Support Turn to Resistance and the creation of a SWAP ZONE.
The direction of price is likely now to the Major Demand Zone below. Suggested trade on chart