USDCHF MARKET ANALYSIS UPDATE

 Good morning traders, I hope you're all doing well and you're ready for the new trading week. Into the markets this week I am still watching out for USDCHF since last week as price still hasn't made the anticipated move. Market opened this week with price rallying higher as it failed to break the previous H4 low at 0.90000. Price rallied back to supply and missed my sell limit order at 0.90670 and reversed from 0.90650 leaving a rejection wick followed by a drop lower. Took sell positions during NY session at 0.90567 with SL at 0.90670. Setup taken is a rally base drop, a reversal setup and my target is at 0.89100.

Price dropped 60 pips to the previous H1 & H4 low at 0.90000 and failed to break it and instead gained strong bullish momentum after the CPI news release. Price rallied deeper into supply and broke it forming new highs hence hitting my SL and taking out my positions. Price formed new highs at 0.91430 then retraced to retest the broken supply as new demand before a continuation of the rally.