USDCHF MARKET ANALYSIS

 Good afternoon traders, into the markets with another pair that I'm watching which is USDCHF that has been on a bearish trend for a while in relation to a weak dollar index (DXY) which has recently found a major daily support level. Price dropped from a major H1 & H4 supply zone at 0.93988 & 0.93622 to a key H4 demand zone at 0.91598 & 0.91221 which is the origin of the previous rally to the major H1 & H4 supply zone. Price dropped into demand and formed a strong rejection wick on H4 with candle close inside demand followed by a strong rally out of demand to the 1st H4 high at 0.92330. Price failed to break the H4 high and dropped back to retest demand before a continuation of the rally. 
Price dropped to 0.91600 and missed my pending buy limit orders at 0.91570 with SL at 0.91270. Price strongly rallied away from demand in 3 strong H1 bullish candles to 0.92175. Took buy positions during London session at 0.91948 with SL at 0.91600. Setup taken is a drop base rally, a reversal setup and my target is at the H1 & H4 supply zone at 0.93988 & 0.93622.

Price rallied 70 pips to the 1st H1 high at 0.92330, failed to break it and started dropping back towards the H4 demand zone hence moving my SL to breakeven as my entry was slightly late. Price dropped back to entry hitting my SL at breakeven, formed an indecisive candle on H1 with a rejection wick followed by a strong bullish push in 2 strong H1 bullish candles back to the H1 high at 0.92330 showing the bullish sentiment is strongly valid as I await more momentum to take out the H1 high to confirm a shift in market structure to bullish and my target still remains the same at the H1 & H4 supply zone at 0.93988 & 0.93622.

OUTCOME- BREAKEVEN