Home USDCHF Heading down to test major support level again –
Minors, USD/CHF Forecast

USDCHF Heading down to test major support level again –

usdchf heading down

Looks like the USDCHF market is going to respect the old support level as new resistance here and head back down to the next major support.

This could be the start of a ranging structure.

There was a bearish rejection candle last session, it’s hard to build value into the trade because it formed in the middle of no where, not off an important level.

But the rejection candlestick does communicate higher prices were denied that session and the bearish seem to be the dominant force at the moment.

If the market does sell off from this pattern, we could look for strong buy signals at the next support coming up.

Dale Woods

Dale Woods

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.