FX Trading Revolution Team
FX Trading Revolution
The activity of HFT algorithms in the FOrex market today indicates that the EURCHF currency pair may offer profitable trading opportunities from the short side in today's trading session.
EURCHF is currently trading near the light HFT selling pressure zone which is noted at 1.0960 and above, though it has not reached it yet. Nonetheless, selling interest is sure to increase once the price enters the HFT selling zone and Forex traders will be looking for opportunities to short the pair here.
An upward channel on the EURCHF 1-hour timeframe has also been formed over the past couple of days, but the preceding trend is bearish with powerful momentum. Thus, the current rally within the channel looks rather like a retracement in the bearish trend than something more serious, e.g. a reversal.
Support from the rising trendline is also near, around the 1.0940 level. A bearish breakout here confirmed with bearish signals on trend indicators such as the Master MACD (shown in the chart below the candles) will confirm a good bearish setup that is likely to provide profitable short trades.
In the bearish scenario, Forex traders will target the light HFT buying pressure zone that is noted at 1.0897 and below.
High Risk Warning: Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
ADVISORY WARNING: Any news, opinions, research, data, or other information is provided as general market commentary and does not constitute investment or trading advice. FXTradingRevolution.com expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information.
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