The USD/CHF pair was also volatile on Monday, making some bullish attempt all the way. Although the price threatened some consolidation, the bias is still bullish; and unless there is a strong bullish breakout, there would not be a serious plunge here. It should be mentioned again that the outlook for the USD is upbeat.
In the context of a downtrend, the cable moved a bit downwards on Monday. The Bearish Confirmation Pattern remains valid in the market, and it cannot be rendered ineffectual until the distribution territory at 1.5300 is overcome. Further bearish journey is expected today.
Owing to the ongoing struggle between bulls and bears, this currency trading instrument has become quite choppy because there is not a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be met before the consolidation phase is over in the market.
A bullish attempt that was seen on Monday was thwarted by a bearish correction that occurred later. Today would determine whether the direction would be bullish or bearish in the market. If the price fails to perform a directional movement, the market would enter an equilibrium phase.
Owing to the ongoing struggle between bulls and bears, this currency trading instrument has become quite choppy because there is not a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be met before the consolidation phase is over in the market.
A bullish attempt that was seen on Monday was thwarted by a bearish correction that occurred later. Today would determine whether the direction would be bullish or bearish in the market. If the price fails to perform a directional movement, the market would enter an equilibrium phase.
In the context of a downtrend, the cable moved a bit downwards on Monday. The Bearish Confirmation Pattern remains valid in the market, and it cannot be rendered ineffectual until the distribution territory at 1.5300 is overcome. Further bearish journey is expected today.
The pair is currently performing a bullish breakout on the chart, leading to a bullish bias. However, the bullish bias is not yet completely safe because the resistance line at 1.1300 is calling for a breakout to the upside. Considering both the direction of a price action and indicators in the chart, the market seems poised to achieve this important feat.
There was a large bearish movement yesterday, giving the way for a brand-new bearish outlook. The EMA 11 is now below the EMA 56 (while the price is below the two EMAs) and the Williams % Range period 20 is at the oversold territory. There is a Bearish Confirmation Pattern in the market and further movement to the south could be witnessed.
This market started a determined bullish movement yesterday although the market has not moved upwards so much. The medium-term bias is bearish, and this could be rendered useless only when the price goes above the distribution territory at 1.5300. Until that happens, long positions should be opened with caution.
