Weekly Price Action Setups & Key Levels | Nov 5 – 10
Chris Capre’s Current Active Open Trades: EURCHF, CHFJPY, EURRUB, USDRUB, FTS, TRP, REMX, FXo EURJPY, FXo EURPLN
USDCHF – ST Corrective Structure @ ~Parity (4h chart)
After a strong bull run that started with a double bottom around 0.9450 and breaking through a key resistance on its way, bulls seem to have taken the foot off the gas and price has formed a ST corrective structure around 1.0000.
Every attempt by the bears to push lower has been strongly rejected by the bulls so far, suggesting they’re still very active and likely interested in pushing this pair even higher.
Thus, ST bulls should find the bottom of this structure at 0.9940 to be an interesting area for potential longs.
A bearish break and close below 0.9940 would change my ST bias to bearish.
WTI – First Weekly Close Outside of LCS In A Year, Potential False Break (Weekly chart)
Crude Oil has been ranging between 43.00 and 54.50 for a little over a year, and this week, we got the first weekly close outside of this range, suggesting that the bulls are likely taking over control from here.
If price snaps back below the key resistance, we’re most likely looking at a false break that initially would open up for potential moves towards the closest support found at 50.00.
On the other hand if the bulls can stabilize the price action above the key resistance level, which now should act as support on re-tests, we should be able to rule out a the idea of a false break.
The last mentioned scenario will most likely open up for a bigger move north as there is a lot of ‘empty space’ above this level with the first solid resistance coming in @ 61.50.
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