Weekly Forex Price Action Setups & Key Levels | Jan 31 – Feb 5
GBPUSD – CT Breakout Fails, 1.4250 Target Hit (4hr chart)
Last week in our members commentary, we talked about the potential CT (counter-trend) breakout in the GBPUSD. One note we warned was if it fails to materialize or hold above 1.4360, then we should see sellers take over targeting 1.4250 first.
As you can see from the chart below, this is exactly what happened so anyone taking the CT breakout failure would have done well.
For now 1.4350-1.44 will act as resistance to any ST rallies so potential opportunity for bears to rejoin. Only a daily close above the latter level will negate the bearish bias ST.
USDCHF – Buy Trade At Corrective Pullback Support Profits (4hr chart)
In our weekly market commentary, we talked about a potential breakout pullback setup in the USDCHF at the key 1.0125 support level. We mentioned how this was a key pullback level for bulls to get long and as long as it holds, it should produce some solid upside.
As you can see from the chart below, this level held 2x both producing solid bounces to profit from, with one bouncing +80 pips and the 2nd bouncing +130 pips.
Many of the members profited from this trade so congrats to them. For now I’m maintaining a bullish price action bias while above this level on a daily closing basis.
Upside the target still remains 1.03.
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