USDCHF – Corrective Structure Followed By Bearish Impulsive Move (4h chart)

Chris Capre 2ndskiesforex

Price Action Context

After getting rejected from the multi-year resistance we mentioned on the 5^th of May, price impulsively broke below the MT support around 1.01, followed by a corrective move back into the broken support, now acting as resistance.

Since the pullback was corrective following the bearish impulsive move, we expected another bearish impulsive move to follow, something we mentioned to our course members ahead of time. And as anticipated, the corrective pullback was followed by a ST bearish impulsive move, clearing a ST support in the process.

Trending Analysis

MT & ST bias is bearish, and traders can look for potential bearish continuation plays on weak pullbacks into the ST or MT resistance.

Key Support & Resistance Zones

R: 1.0050 – 1.0065
S: 0.9895 – 0.9930

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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