Weekly Forex Price Action Setups & Key Levels | Dec 6-11
USDJPY – Corrective Structure Holds With Trade In Profit (4hr chart)
In our December 3rd market commentary, we talked about the key corrective structure and support zone for the USDJPY being likely to hold and maintain a bullish bias.
I liked the price action & trade location, so bought it and am currently in profit for about +75 pips at the moment, or roughly +1.5R. Many members in the course also traded this and are in profit, so congrats to those who traded this as it was a very clear setup that has almost been in profit from the beginning.
For now, I’m expecting this range structure to hold, so will likely bring my SL to BE + some profit shortly. If the range resistance breaks near term, then we should see a move up towards 125 and the July/August highs. If however the support zone and structure fails, then we’ll likely see a pullback towards the mid-121 handle before any bids step back in.
USDCHF – Key Support Level Being Tested (daily chart)
Failing just below 1.0350, the USDCHF sold off massively 4 days in a row losing close to 5 handles in the process. The pair formed an inverted pin bar just above the level, which suggests a failed attempt to rally.
Bulls have to hold this line and 9781 near term. If this support zone folds, then we should see a return towards 9550 before any major bids return to the fray.
If the 9781-9899 key support zone holds, then bulls will attempt to re-attack the 1.0345 highs, but likely will face more headwinds this time around. So ST bearish, MT bullish but potentially turning bearish.
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