USDCHF – breakout (down), retest and bearish continuation

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The area between 0.8410 and 0.8330 has been a solid support but recently, price broke (to the downside). Now, price has been pulling back for a re-test and I believe that next week we may see a bearish continuation. Price will also come closer to the 20ema that I rely on as a guide to the mean.
I will be watching this area on a lower time frame, looking for bearish price action to go short. If bearish price action does resume, we are likely to see the round number 0.8000 be achieved.

This is not a trade recommendation; it’s merely my own analysis. Trading carries a high level of risk, so only trade with money you can afford to lose and carefully manage your capital and risk. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!!

It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros

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This turned out to be a perfect analysis. 50% position closed while the balance is now risk free.