This post is a review of the USDCHF analysis posted on April 29, 2020. The review is aimed at examining the different happenings in the market after the release of the USDCHF analysis on the 29th of April. This is done so as to gain knowledge and become better traders.
The USDCHF reversed from its uptrend, reaching the highest point on the 24th of April. This resistance area around 0.97958, was again approached on the 28th of April. The resistance held and price was driven down again.
Subsequent to this, the price the formed a mini double top pattern, before approaching the neck of the larger double top pattern in formation. Our analysis was carried out at this point. It was advised that traders could take sell positions provided the price closes below the support. The support was around the 0.9722 area, which the market did not close below.
A screenshot of the post can be seen below.
After we published our analysis, the market took an upward turn from the support, failing to penetrate it.
As a result, the trade setup was not completed, therefore, no trade should have been set. This is shown in the image below.
After the turn, the market then later formed a double bottom pattern, with the base at the support. Price has later gone to close above the neck of the pattern, signalling a reversal.
With the above occurrence, price is poised to continue to rise, but anything can happen in the forex market.
Thank you for reading! Feel free to ask questions and comment. Do well to subscribe to our newsletter to receive updates about new posts. Also, follow us on social media and avail yourself of the different tools available on this platform. You can also read more of our blog or join our forum.