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Weekly Forex Trade Setups & Key Levels | Jun 21-26
USDCHF – RRL Sell Setup At 9250 Profits (1hr chart)
Last week in the members trade setups commentary, we talked about selling at the RRL (role reversal level) around 9250 for at least a return to 9160. As you can see from the chart below, this is exactly what happened with the RRL holding and selling off, touching 9160 before bouncing.
Congrats to any members who traded and profited from this.
For now, it seems like a retest of the RRL is likely should we get a solid bounce from here. If the level holds, the play is the same as the last time.
If it fails, then we should attack 9325 and 9375 before the bears step back in to challenge the market.
USDJPY – Looking Like It Wants to Break Down (4hr chart)
Besides the brief spike high and false break above 123.81 late last week, the USDJPY has been mostly contained below this resistance level and in a range.
Notice how the pair failed to sustain any gains above 123.81 which was met by violent selling and then simply hovered above the ST key support around 122.55.
The ST pressure on this level suggests this pair wants to break down, and I’m leaning that way myself.
If this level folds, this will add some bearish risk to the pair ST, likely meaning an attack on 121.50 and potentially 121. If however we see strong buying from here, then 123.81 should be under attack shortly.
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