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Learn Trading - Forex Update: Selling USDCHF with Retest of Resistance Zone

378 views · Published 19 January 2017 · 5:15 · Indexed 4 October 2026

Channel: Market Traders Daily · 2017 · Education

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So, if you’re going to sell something, anything, doesn’t matter what you’re selling. Just like here on currency pairs, if you’re going to sell something, you actually want it to go up. You want to sell something at a higher price. Doesn’t matter what you’re selling. You want to sell something at a higher price. So, in the case of the USDCHF, you wanted it to go up, so you have a better opportunity, a better investment for your money before you look for an opportunity to go short.

Take it down to the four-hour timeframe. So, like I said, it’s not a bad thing, in my opinion, that it went up before we look for it to go back down. And we could take a look at just the past couple of weeks, where we’ve seen a similar situation. I’m going to put a couple more of those circles on the chart, where it went up and found resistance, and then went back down. Here’s another one right here. Let’s throw another circle here on the chart. There’s a period where it went up, and let me see if I can get that pulled out. There you go. It went up before turning around from the green-shaded area and going back down.

So, we’re in that similar situation, where we’ve gone up, touched the yellow-shaded area, and with the comments made by Fed Chair Yellen, went up into that yellow zone. Now what we’re looking for is the momentum of the selling pressure that we’ve had for the past few weeks to take back hold and take back in control. I could even take this black circle here and put it here, and that even makes more sense with the similar situation that we have right there.

So, you see it go up from the green zone to the orange zone. Went down to the green zone. Went up a little bit more. Went down. From the yellow zone, went up to the green zone. Down to the yellow zone. Up to the green zone and then made a new low. So, here we are back into the yellow zone, acting as our resistance. Now, with the Forex Black Book, we look for red or yellow downward-facing arrows as signals that momentum is shifting. You could see the yellow arrow here, here, and here. We don’t have a new signal yet. So, maybe over the next four to eight hours, we get a new signal showing bearish momentum coming back in and for the market to continue down to the pink zone as our first target, that parity level into the pink zone, or if it continues to break down through that pink zone, we look for it to go lower. All the while, the risk is it starts to turn higher, breaks the yellow zone, breaks the black trend line, breaks the green-shaded area, and then we look for a new uptrend to start as it breaks through those resistance highs for the USDCHF.

https://www.youtube.com/watch?v=0mkql-aB7qE

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