Forex For Beginners: Forex Update: Monday Review and Key Levels to Watch



To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_for_beginners&ad=NwPGUVm-lAQ Okay, first off, let’s get started here on the US Dollar versus the Swiss Franc [USDCHF]. In the live Trade Room, we’ve been studying the downward-facing long-term trend channel between the two red trend lines for quite some time, and of course today and just like last week, we are approaching the top of that trend channel. The question of course is: are we going to see the continued strength of the US dollar and the breakout higher above this trend channel and change it to an uptrend, or are we going to find resistance once again inside the trend channel and turn back lower? And of course that question really hasn’t been answered yet because we really haven’t made headway either higher or lower yet this week. So, let’s go ahead and zoom it in a little bit here on the daily timeframe, and we could see the market challenging into the top of the trend channel. The red trend line that’s here on the chart. Last week, we did break back above the 100-period simple moving average, so that gives us some clue to the upside as well. We do note that our last major low, bottom of the black trend line, is higher than the previous low, which is the bottom of the blue trend line, so that may be a clue as well to the buyers becoming more interested in protecting the supports and the sellers becoming less interested. And of course that could just be a clue to potential direction. I think the main focus here would be the breakout above the last significant resistance high, up here into the 0.9900-level. If we got above this area right here, then I think we’re clearly looking for an uptrend. So, until it gets above that last high, where the blue and the black trend line intersects, we still have the potential to go back down. It is interesting to note, for those folks that have been following the Forex Black Book indicator, that this week the trend indicator green. So, that being the case, if it remains green and we continue to see bullish momentum, that gives us opportunities to go long, looking for that breakout and the continuation higher. Now, on the other side of it, of course we are underneath the trend line. We are underneath that low, and the potential turnaround is possible, but I think it’s going to take some sort of significant news catalyst to drive it back down. Let’s go ahead and take it down to the four-hour timeframe. Again, we could see the market challenging into that resistance high, but hasn’t broken through it. So, if you’re going to go long, let’s go with that direction because I think that that’s the direction the current market is really focused in on, is going long. https://www.youtube.com/watch?v=NwPGUVm-lAQ Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.

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