THE SWISS WEDGING THE DOLLAR?

Tendency: Downtrend ( Bearish )
Structure: Wedge
Observation: i. Wedge pattern represented by a trend line caught between two upwardly slanted lines of support and resistance.
ii. Converging trendline (indicated on chart with the golden range)with the expectation of a breakout movement in the direction as the impulse leg might be a good reason to execute a short trade.
iii. The rejection of SUPPLY zone since 18th of June, 2019 suggests that buyers find it difficult to break this zone.
iv. Price below moving averages.
Trading plan: SELL with TP1 and TP2 @ 460pips) and SL @ 1.01500/1.02500 zone.
Risk/Reward: 1/2
Potential Duration: 10 to 25 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates on lower time frames as price action is been monitored.


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