USDCHF 01.29.19 #FOREX

29 Jan 2019

Monthly

• 3 Month candle printed a long wick showing buyers' exhaustion and liquidity capture.
  
• August's monthly candle closed beneath previous support, capturing sellers at the low, we waited for a pullback and now we wait for smaller time frames to confirm our long term selling bias.
  

Weekly

• 1.0050 - 1.0125 is a "liquidity pool." Enough buyers were induced for the market to finally melt. We had a bearish engulfing candle, signaling a price drop.
  
• Price close beneath support (.9850), followed by a pullback which led to last week's inside bar. Now we continue to smaller time frames to solidify a clean entry.
  

Daily

• Rejection of Daily Disturbance Zone (liquidity capture)
  
• Bearish engulfing candle followed by a retracement and another bearish engulfing candle. Lots of bearish momentum.
  
• Daily bearish close beneath support (0.9930), pullback follows and we dive deeper sub Daily timeframe candles.
  

4 Hour

• Break below consolidation/support @ 0.9950, now we are retesting previous support, relative resistance.
  
• Currently rejecting 4H Disturbance Key Level.
  
• Recent 4H candles are bullish, lets wait for momentum to start to shift along with 1H.
  

1 Hour

• Back to back doji candles, buyers losing momentum.
  
• Rejecting 61.8% Fib Level.
  
• Approaching bearish trendline.
  
• Would need to see wicks go beyond resistance to accumulate more buyers, then price to close back into the range.
  
• Bearish reversal candlestick patterns our final confirmation on this time frame.
  

15 Minute

• Consolidating between 0.9940 - 0.9955
  
• A close beneath the micro support (0.9940) on 15 Minute/1 Hour, followed by a pullback and bearish candlestick pattern would confirm a sell.
  
• Price could rapidly shoot up near relative resistance to accumulate buy orders then show exhaustion on 1H/4H timeframe. Sells following liquidity capture would be key.
  
• Rejecting 71% Fib Level.