2 currency pairs, USD CHF and USD CAD, have been bearish for the last few weeks. Is this the beginning of a new trend?
One trader just closed a number of USD CHF and USD CAD trades that were in the negative. Why?
Earlier we reviewed the trader Xyzco Xanana. At that time, in October 2019, he was ranked #12 in October. Now, 15 weeks later he is ranked #4, so he must have done something right.
We decided to have a look at his current trades, after we got a question from one of our readers.
To the people behind Forex and Profits! I want to thank you for the brilliant review of Xyzco Xanana. He is a great trader, but I don’t understand why he bought so many USD CHF and USD CAD positions for Christmas and kept these positions for a lot of weeks afterwards, and then he just closed them in the negative. Do you have any comments for this decision? That would be highly appreciated. I have followed this trader since I read about him here on Forex and profits back around the end of October, and I have earned about + 2500 Pips! Thanks.
First of all, we want to congratulate Christina with an impressive amount of Pips! Sure, we will have a look at USD CHF and USD CAD. This trader is using trendlines, Elliot wave, fibonacci and pivot points according to his own description, and we are going to analyze the pairs based on these fundamentals. If you want to learn more about pivot points, you can check out our pivot points post here. Hopefully it will make sense for you.
Trendline breaks for USD CHF:
MONTHLY shows this pair has been following an up trend line for some time and has now crossed the up trend line in a down movement. At present this pair is sitting 1/2 way between the .180 and .236. The rsi is in the buy zone but appears to be skimming along for now.
DAILY shows this pair has crossed a down trend line with a significant up move ending with a down move sitting 1/2 way between the .236 and .382 of a sub fib. With the rsi skimming along the sell zone this pair will eventually gartley down and should hit the .270 of the major fib – 123 pips down.
HOURLY has made a down move of 97 pips crossing an up trend line, ending with an engulfing candle of 28 pips, hitting the .786 at 0.96834 then moved back up to the up trend line hitting the .618 at 0.96958. With the rsi in the sell zone, this pair seems to be positioning itself for a retracement up. If it moves up to the .236 at 0.97239 this would be 30 pips.
MONTHLY shows this pair ranging until it crossed an up trend line. For this pair to move down to the .270 at 1.18602 that would give 1,386 pips and to the 1.618 at 1.10757 that would be 2,173 pips. The RSI is in the buy zone at present
DAILY shows this pair has made significant movements up toward a down trend line. If it continues to cross the down trend line and reach the .270 at 1.32787 that would be 70 pips. If it continues to the 1.618 at 1.33489- that would be 145 pips. The rsi is skimming along the sell zone and it should continue until this pair reaches the .270.
HOURLY shows this pair has been following an up trend line for some time. It finally made a significant engulfing bearish candle crossing the up trend line and gartleyed back across the trend line. Should this pair come down to the .618 at 1.31582 this would be 52 pips. If it continues to the .786 at 131397 this would be 70 pips. The rsi is in the buy zone and skimming along so I expect more sell action to at least the .618.
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Was this article helpful for you? What do you think of the USD CHF currency pair? Is it ready to go in a clear trend now? To understand Xyzco Xanana it’s beneficial to understand the concept behind Pivot points. We often use Pivot points in our analysis too. I have already written an article where I explained in detail how target trading works.
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