The USD/CHF could break to the downside even further as we can clearly see the POC rejection taking place. The arrow marks the initial CAMMACD.MTF system signal entry.
Earlier this week we saw NAHB Housing Index still expanding but slightly below Forecast along with strong usage in Crude Oil reserves, and risk-on sentiments have prevailed this week. A week prior we saw strong Core Retail Sales, and respectable Housing Sales, along with strong job openings.
1.0000-1.0010 is the POC zone and the price is clearly rejecting it. The target seems to be W L4 Camarilla Pivot 0.9960. If the price breaks below next target is 0.9911. Have in mind that today is FOMC Federal Funds Rate decision along with FOMC Statement. If the FED turns hawkish we could see a bounce. Bounce above 1.0015 suggests bullish Price Action and the next target is 1.0050.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
This article was originally posted on FX Empire
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