The price of USDCHF is now breaking out of the range to the upside. Will this continue in line with the strength meter?
Watch the video to learn more…
The strength meter we highlighted at the start of this week in the week ahead analysis video shows the USD gaining strength and the CHF weakening. This offered us long opportunities going into this week.
The weekly chart shows price in a range however we are now breaking the highs. If the CHF weakness continues we could look for the market to rally even higher towards the major swing highs.
The daily chart is making higher highs and higher lows within the weekly range showing the buyers are in control of the market. Yesterday’s daily close rejected the low ranging candle offering reversal opportunities. Now the price has broken the daily highs we saw the market impulse higher and the 4hr time frame has now changed trend.
We could see the market retrace back into structure for long opportunities however this impulse phase could continue much higher.
If we see the price hold above the weekly swing highs we could look for long opportunities on the retest of the weekly range highs.
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