Weekly Forex Price Action Setups & Key Levels | Jan 3-8
USDCHF – Watch the Corrective Balancing Zone & Structure (4hr chart)
For the last couple of weeks, the USDCHF has been in a corrective structure between ~parity and the 98 handle. It’s attempting to build for an upside breakout and resume the uptrend forming some higher lows and potential accumulation.
IF it can break the corrective balancing zone and structural highs, then I’m expecting a return back to 1.02 and perhaps 1.0325. If however the key resistance level holds, then expect a move down towards the 98 handle before bulls come back in so potential trade setups on both sides here.
USDCAD – Bull Trend Intact (4hr chart)
Since breaking out above 1.3425 back in early December, the USDCAD price action has been riding the bull trend gaining 600 pips before pulling back from the big fig at 1.40. For now the pair is in a corrective pullback structure which if broken below suggests a deeper pullback, perhaps towards 1.3425.
For now, I’m keeping my bullish bias while the pair is above the 1.3425 on a daily closing basis. Upside I’d still be looking to target 1.40 and a potential move up towards 1.45 before running into another block of offers.
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