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Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, head currency analyst.
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In this video, we’re going to go through USD/CHF. Just cover this live trade update once again. The market has moved nicely in our favor.
Let’s pull back a bit, so I just want to go through some potential moves here or what we could be seeing happening here. But at the end of the day, everything looks all good.
We’re in from down through here. I like this bullish candlestick that we saw there. The market came back and formed a nice higher low. The market is now making nice higher highs in trend. Typically, when we see this higher high, what I like to see then is a pullback into the structure to then look for further long opportunities, and that’s exactly what we’re seeing at the moment.
The market found resistance here is now finding support here, and with this nice bullish candle, we’re seeing at the moment. This is a good sign for us. I’d like the fact that the market is moving to the upside, and if the price does break and close above this high, I will be moving stop losses just below this low here. We can reduce some risk on the trade.
Looking at the make-up of the market at the moment, I’m just going to place this rectangle here. Going to that four-hour timeframe looks like we’re bouncing off on that four-hour time frame. We even had a four-hour signal on the strategy through here.
The market’s comeback is now. What I really want to see is like a double bottom pattern or some kind of change in cycle pattern to look for, maybe even some further long opportunities because when the market does change, we usually see a retest of those structure highs through their retest structure high.
Markets rallied, we pulled back into the major high now and the market. I want to see it start trending in our favor again. We can look for further add-in positions if the price can change the cycle on the four-hour time frame. At the moment, we’re just kind of pressing to the upside.
I would expect to see at least a double bottom or just some kind of breakout pattern structure to go on here before heading towards those key levels.
USD/CHF trade looks pretty decent. I’m just going to cover EUR/USD quickly. We looked at a shortened opportunity on this, and it hasn’t triggered yet. Still hopeful that it will trigger.
The market is now making that potential second lower high, which we want to start looking to short on EUR/USDs—so looking for a potential retest here before seeing that downside again.
Very much like a USD/CHF. The market at the moment is in that retracement phase is pushing to the upside. I want to see a breaking trend something like this where the market will trigger us in the change cycle on the four-hour look for further shorting opportunities.
EUR/USD looking good, just keeping this until the end of the play. Seeing if it can trigger by the day. Expecting a push to the upside very much like USD/CHF.
I’m expecting another move down before seeing that continuation play out. Keep your eye on those two pairs. Dollar, so it’s obviously the one that we’re in at the minute, looking for an entry on EUR/USD. Hopefully triggers.
Thanks for watching, I’ll speak to you soon.
If you’re new to forex trading, you can practice trading the EUR/USD or USD/CHF currency pairs by opening a demo account through Blueberry Markets. Whether demo or live trading, our customer support team will be there to assist you with any concerns.
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