USDCHF closed with a very strong bearish engulfing candle on Thursday, for many traders, this would be assumed a “Sell Sell Sell” Scenario, but on the contrary, it could be a trap! I have a bullish bias as price is at the oversold region and above the 200 SMA.
In coming days, I expect price to either find support at 0.91406 for a bullish pressure or to or dip a little to the daily 50% Fib level at 0.91020 before a possible buy pressures comes in and finds its first resistance around 0.92051 . In next days, I would be taking more of buy signals than sells.
Disclaimer: What I have shared above is not a financial or investment advice of any sort, it’s for educational purposes only, whatever trading decision you make is at your own risk.
Edited 11 Jul 2021, 01:21
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