Weekly Price Action Setups & Key Levels | Sep 17-22
My Current Active Open Trades: EURNZD, EURCHF, CHFJPY, AX_UN, FTS, TRP, XHB, REMX, CSE, FXo EURJPY, FXo EURPLN
GBPJPY – Major Resistance Cleared (Daily chart)
With a massive 900 pip move in only one week, printing the biggest weekly candle during 2017, bulls managed to clear the major resistance zone between 147.00-148.00 with ease on the 4th attempt.
Bulls will want to have this zone on their radar as it can offer good possible trade opportunities on weak pullbacks.
The closest resistance is coming in at 151.60 and clearing this would open up for continuation towards 153.60.
USDCHF – LT Corrective Structure At Key Support (4h chart)
Since the end of May, the USD/CHF price action has been ponging between 0.9440 & 0.9760 in a corrective fashion with strong rejections from both levels, rendering this a LCS.
The fact that this corrective structure is sitting right on top of 0.9500 which is a strong area of LT support that has held since Q4 2015 opens up for potential buying opportunities from the bottom of this structure, whilst the top offers good possible opportunities for sellers as well IMO.
A break of the structure to the downside opens up for selling towards 0.9400 and 0.9300 in extension, whilst a break to the upside would put 0.9870 into perspective.
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