Commentary on the USD/CHF and USD/CAD

Forexmentor.com Forex Trading Price Action

Up until this session, all chart levels for the USD/CHF pair were pointing to a downtrending market. Today, we had a short-term reversal come in on the 15 minute chart in the form of a double bottom and positive divergence on MACD to price. Price came into today’s session below the central pivot point, where it subsequently collapsed to form the double bottom. That’s when the reversal took place – in the buy area below the CPP.

On another front, the USD/CAD pair continues to correct northward. I hate to rub it in to all you naysayers, but I will anyway. It’s now at 1741, and rising. The hardest part you will have to learn in this business is that retracements do occur, and they offer good buying opportunities (in this case). As an example, during the recent stock market meltdown, I was in there BUYING. Just call me a true blue contrarian.

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