Monthly and weekly profit targets for bears have been reached, so we will expecting bears to take profit and this could move price up to WPP (0.99908) which is the target for a counter trend trade.
On this chart we can see price has reached support and this is a monthly profit target aswell as a previous support level where bulls bought back in March of 2017
We can see that also on the H4 chart we have reached support at WS2, we can also see a very oversold stochastic that could come up as bulls start to get in or when bears start to get out. we
Over here we see a range that's between DM2 and DM3, if price breaks above DM3, i am going to wait for a pull back and then go long on USDCHF as a counter trend trade
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.