Non Farm Payroll Week

Good Day Dynamic Traders,

Hope you are having a good weekend. The Christmas rush has started and it seems the best place to be is indoors (possibly shopping online) if you wish to avoid the queues and traffic.

The GBPCHF has continued down and produced very nice profits. In addition for those that took the USDJPY trade should also have made a some tidy profits.

Below is the chart for the Swissy. The daily shows that price has been steadily moving in a downward direction within a channel and has now tagged the upper trendline with a hanging man. The normal assumption would be to think that price will now move back down after the small pullback. This is where a look at the weekly chart (below) is required.














Price has tagged a previous support and a Fib reversal area before bouncing up (as seen on the lower time frames). In addition price is at a crucial RN so good trade management is quite key here. The sellers may well be able to dominate the market and move the price further down but given all the confluences it may not be as simple.















Good Trading!
Bijal Shah

http://www.fxcps.co.uk/blog
http://www.fxcps.eu/