USDCHF: Time for a retracement soon ?
The usdchf hit a low of 0.9540 before retracing to 0.9960 . That's a whopping 460 pip of retracement.
Thus what's the revelation? U can never be too sure about the extent of how much a currency pair would retrace and if (surprise surprise) it could eventually even start an uptrend on its own.
Such is the reality. The analysis is as good as it gets at the point of time but making provisions for different scenarios to play out and all the stop checks the trader has put in place to ensure that the analysis is still on track is essential for survival in any market.
Thus in the case of the usdchf, with key levels taken out at 0.9890 and 0.9850 it actually opens the door to lower supports at 0.9790 and 0.97 being revisited again.
However, with the longer term trendline at 0.97 holding at the moment, this is at best a retracement to Revelation Trading at the moment.
We ultimately trade into the unknown and as usual the market will show us where it eventually wants to go.
Thus what's the revelation? U can never be too sure about the extent of how much a currency pair would retrace and if (surprise surprise) it could eventually even start an uptrend on its own.
Such is the reality. The analysis is as good as it gets at the point of time but making provisions for different scenarios to play out and all the stop checks the trader has put in place to ensure that the analysis is still on track is essential for survival in any market.
Thus in the case of the usdchf, with key levels taken out at 0.9890 and 0.9850 it actually opens the door to lower supports at 0.9790 and 0.97 being revisited again.
However, with the longer term trendline at 0.97 holding at the moment, this is at best a retracement to Revelation Trading at the moment.
We ultimately trade into the unknown and as usual the market will show us where it eventually wants to go.
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