When the
NFP data came out on Friday the USD showed strength and moved north.
In my
opinion, however, that was a temporary reaction and next week we will see a
weaker dollar.
USD/CHF,
despite the visibly exhausted bullish trend and the obvious need for a
correction, moved north with about 40 during the news event , reaching a new
high at 1.00225.
On the W1
time frame the pair is at a strong resistance and despite the minimal rally
next week I expect there will be a bearish correction. In my option, the
depreciation may reach 0.9570 – 0.9550.
The
possibility for a correction is also confirmed by the RSI divergence on the H4
time frame, which is between four highs and is a signal for a trend reversal.
Great advice, I'll keep a close eye on it.
ReplyDeleteVery detailed analysis, thank you.
ReplyDeleteThank you for the tip!
ReplyDeleteGood job.
ReplyDeleteGood insight.
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDelete