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Weekly Forex Price Action Setups & Key Levels | Jan 24-29
USDCHF – Breakout Formation In Play (4hr chart)
Building a series of successive higher lows (HLs), the USDCHF produced a breakout formation which is now in play by clearing the 1.0125 level.
Notice the double rejection on the breakout pullback at 1.0125 showing the market is treating this as a key role reversal level for now. If this level holds, then we’ll likely see a solid upside run towards 1.03.
Only a daily close below 1.0075 negates the bullish ST momentum and bias.
NZDUSD – Potential False Break Setup (4hr chart)
After double tapping the key role reversal level at the 65 handle, the NZDUSD price action briefly broke above it for just under a day. However, selling pressure above 65 resumed forming a potential false break setup at this key level.
If this level holds and we can break below Friday’s low (~6442), then we should see sellers take over testing 64 and 6350 . Only a daily close above 6575 would negate the false break setup.
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