Weekly Price Action Setups & Technical Analysis | Feb 4 – Feb 9
Chris Capre’s current price action trades: EURUSD, NZDJPY, FXo EURJPY, FTSE100, REMX, BIR
ATTN: Check out my latest video where I profit +480 pips using this simple trading strategy.
USDCHF – Major LT Support Broken, LT Bearish Bias (Weekly chart)
The USDCHF has broken through a major long term support zone, which now should act as resistance on pullbacks, offering potential trading locations for LT bears. While below this structure, this puts the price action context into a bearish bias short and medium term.
To the downside first solid resistance starts coming in @ 0.9150 IMO whilst a strong close back above 0.9550 would put 0.9750 back on the radar.
By and large, we are bearish on the USD. Although we could see a short term rally, MT we are bearish and are looking to sell the USD.
Keep up with the members trade setups commentary for updates.
XRPUSD (Ripple) – Currently Testing Wide Support Zone (4h chart)
Bears successfully defended the resistance zone between 1.61-1.78 and after another tough week for most crypto currencies, Ripple has now arrived at a wide support zone, stretching between 0.64-0.88.
If this support zone holds, first points of attack for bulls would be the minor resistance at 1.14 and the key resistance at 1.61 in extension.
A strong close below 0.60 on the other hand could take Ripple all the way down to 0.30-0.32 IMO.
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