Last week was a bit crazy with the Fed speech at the start of the week, then followed by ADP and NFP to fuel plenty of volatility.
We don’t have any swing trade setups going into next week, but definitely looking looking at some developing scenarios that could lead to some high grade trading opportunities.
The GBPCHF daily chart shown above, offers hot conditions for a nice bearish swing trade to form next week.
Price has broken through an important weekly level and closes decisively below it.
What we’re waiting to see now, is price move back up and test that old support level and respected it as new resistance by printing a bearish reversal signal there with a lower high.
Generally, when you see these weekly levels act as swing levels with price action signals hanging off them – they can generate some really strong high return moves.
Let’s see what the market offers us here next week – best of luck on the charts next week.