USDCHF M30 – Follow-up Trade +61 Pips
This is a follow-up trade of previous USDCHF analysis. In H4 timeframe price has broken long-term resistance and continued to rise. Background is strong. This is a good time to look for long trades.
- Background is strong
- Strong signals appeared on the chart (Demand, Minor Demand) before dynamic trend changed from red to green
- Entry after dynamic trend turned green
- Exit immediately after weak signal (Supply).
Total: + 61 Pips
In terms of overall behaviour of USDCHF, is it possible to conclude the chart pattern is similar to GBPCHF ?
I note over last 24 hours (16 Nov 2015) GBPCHF suddenly went up despite low volume & weak signal shown & dynamic trend curve with 2 points of inflexion along the way. Noted lack of news on CHF yet the movement GBPCHF continued up while other GBP pairs overall didn’t change much.
So what are causes of such unusual GBPCHF movement ?? Is this indicative of manipulative tricks done by the Swiss side ?
GBPCHF recently broke-out a resistance, and there is some buying behind the move. The volumes were low on the break-out as you said though, so I see this as a test of demand. If the prices don’t keep up the rally, it’s probably a fake break-out and I’d expect the prices to come to the trendline at 1.53 for more buying (as weak holders will be selling when prices go below the resistance again). The most significant resistance is at 1.5545, not very far from the current prices, which is what I’m looking for, along with a dip to the trendline.