USDCHF Top-Down Analysis
Hello Traders,
Here is the Top-Down Analysis of USDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Price dropped below monthly support and faced rejection at next support level to move upside.
W > Price moved up to our target M formation and faced rejection to drop down.
D> We saw two W formations and expected price to drop down to test the neck which price for both formations. After testing neck of W formation we expect price to move up at least to test resistance it created in its last bullish impulse.
As per COT CHF saw closure of few Long and addition of Short positions, reducing net positions whereas N-R saw addition of both Long and Short positions increasing cumulative net positions. SXY further improved its position during the said week. However SXY weakened last week.
With DXY pushing for its recovery we can expect weak SXY in comparison.
4H > Price is slowly making HH and HL after reversal but it must break last LH to confirm bullish move, else price can continue to slide downward to test weekly support again.
Pair Correlation > USDCHF negative correlation with Gold and EURUSD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of USDCHF (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 43 - 19 Oct
M > Price dropped below monthly support and faced rejection at next support level to move upside.
W > Price moved up to our target M formation and faced rejection to drop down.
D> We saw two W formations and expected price to drop down to test the neck which price for both formations. After testing neck of W formation we expect price to move up at least to test resistance it created in its last bullish impulse.
As per COT CHF saw closure of few Long and addition of Short positions, reducing net positions whereas N-R saw addition of both Long and Short positions increasing cumulative net positions. SXY further improved its position during the said week. However SXY weakened last week.
With DXY pushing for its recovery we can expect weak SXY in comparison.
4H > Price is slowly making HH and HL after reversal but it must break last LH to confirm bullish move, else price can continue to slide downward to test weekly support again.
Pair Correlation > USDCHF negative correlation with Gold and EURUSD.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.
Thank You
AP17FX
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