Weekly Price Action Setups & Key Levels | Dec 17-22
My Current Price Action Trades: EURUSD, EURCHF, CHFJPY, EURNOK, TRP, REMX, FXo EURJPY, FXo EURPLN
NOTE: Check out Chris Capre’s Verified Forex Trading Results 2017
USDCHF – Strong Rejection from Key S/R Zone (Daily chart)
We mentioned the wide S/R zone (97.70 – 98.30) in our member market commentary in the end of November. The initial reaction to the zone was weak, but once price pushed further into the resistance zone and hit the bottom around 97.70, bulls stepped in with force and price climbed 200 pips in the 5 following trading days.
Congratulations to the course members that managed to take advantage of this trade setup as you should be in good profit by now.
The pair is currently pulling back towards the S/R zone which potentially can offer LT bulls solid entry locations. For now, I expect bulls to be in control and think it’s very likely that we at least will see another move back up towards parity.
A break and close below the S/R zone on the other hand would change my LT bias from bullish to bearish and open up for potential moves down towards 95.60 which is the next major support in line.
Philip Morris International Inc. [PM] – Testing Broken S/R Zone & LSZ, Bearish Bias (Daily chart)
Philip Morris has been showing some super clean price action as of late and is now offering potential trade setups.
After producing a double-top at the ATH back in June, price started to fall. Bulls stepped in twice to defend the key support level at 110 but ultimately the bears got the upper hand and price broke below 110.
Price has now pulled back to this level again and I expect to see at least a solid reaction from the level, but potentially a larger move south.
To the downside, the first major support zone comes in at 102 and if that support folds, 97 would be next in line.
A strong break and close back above 110 would negate my bearish bias and would most likely lead to a move back up towards 114.
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