USDCHF MAY DECLINE

A careful review of my EURUSD post ( click here for EURUSD post ) shows that the LONG triggered for final confirmation and stoploss should not be below 1.4000. I have also spotted another trade opportunity in USDCHF. Price "playing" below my RSI trendline (bearish status) and market got overbought with the Bollinger Band upper band hit so aggressive trader will take a short from that spot.

30min timeframe will give a clearer and conservative entry. I expect swing low ahead of my vertical line and entry below the swing low. What i am saying is that, i am expecting a retracement and a good continuation if the DOWNTREND will prevail. Stoploss should not be more than 1.05520.

My 5min timeframe can also help in entry and possible exit clue.

Right now the 100 and the 200 simple moving averages will be serving as short term support that must be defeated to confirm the down trend. We ride until we see another defeat of those moving averages as ressistant lines.

Let us watch.

EURUSD - MARKET UPDATE

Its been an intra-day consolidation since the begining of market in asia to london and maybe NY will make a difference.

However, I will be explaining what i noticed on my chart. I think the EURUSD may be negotiating a bullish deal with the break of my RSI trend to the upside. To better confirm my uptrend i would wait for an entry ant the middle or lower bollinger band if the RSI trendline still in place. Aggressive trader can take a BUY with minimal lot size targeting 70-100 pip or the middle and upper band of the daily timeframe. stoploss should not go below 1.4000 zone.

Let's watch