USDCHF | Perspective for the new week

Price is currently within a strong supply zone which has a strong memory of selling pressure at around 0.98500. Are we going to be witnessing another selling pressure from this zone this week or a breakout of this zone to the upside will signal a bullish momentum?

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Trade active

I am beginning to see selling pressure which is also coming from the supply zone identified in the higher time frame. Having a sell position below the key level at 0.98500 seems appropriate at this juncture in the market.

Good morning

Trade closed manually

We witnessed a breakout of the supply zone and key level at 0.98500 during yesterday's session. Is this a bullish signal? I wait for further confirmation as price action is been monitored closely.
Though I still have a pending order below the key level at 0.98500

Note

So, 24 hours after my previous update; it appears that we have an area of focus right above the supply zone with a potential resistance at the 0.99650.
Monitoring price action; are we going to be witnessing a breakout/retest of the 0.99650 to signal a bullish continuation or is there going to be a breakdown of the 0.98650 to transpose into a reversal pattern in the form of a double top structure?

Good morning

Note

UPDATE
A breakdown of 0.98650 appears to be a neckline after considering the double rejection of the 0.99650 level (double top pattern) this morning. Besides, Powell's speech is coming up in 2.5 hours... Getting prepared.

Trade active

Following the bearish signal yesterday which appeared in the form of a successful breakdown of the neckline at 0.98650. The price is back within the structure and if rejections of this zone happen, I am looking forward to selling.

Good morning

Trade active

Looking good at the moment

Trade active

Approximately 100pips in profit at the moment; moving stop-loss to protect my position

Good morning

Trade active

Bearish momentum appears to be stalling as multiple rejections of the 0.97400 area become more pronounced. Sell position already protected... Let's see what happens

Trade closed manually

50pips profit... stopped out at adjusted stop loss level after observing buying attempt at 0.97400.

Good night and happy weekend

darcsherry

Trade smart. Trade consciously

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