You are welcome to another edition of the weekly trade plan. The month of November has been pretty steady for us in the trading room with a total of over 300 pips so far.
This week, as requested in the trading room by TshepoVandal we will be look at the USDCHF.
As shown in the chart above, the formation of the higher lows indicates pressure is to the upside. Also the break to the upside of the declining trend line clearly indicates strong bullish momentum.
However, price has to clearly break the 0.9990 region for another wave of bullish momentum to kick in.
In order to get any trade with this pair, we will be waiting for price to retrace to the 0.9921 region (entry as shown) and go long.
Have a great week ahead!!
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Please note that the Weekly Trade Plan is meant to make us prepared for the week ahead. Market analysis is as accurate as the close of previous day/week. Outlooks and trade action plan can very much change as a result of new market information.
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