USDCHF MARKET ANALYSIS

 Good morning traders, it's the first week of the last month of the financial year. It's important to make the best out of the remaining time in the markets before the year ends. Into the markets today, USDCHF price rallied back to a major H1, H4 & daily supply zone at 0.89180 & 0.88780 which was the origin of the previous drop to the H1 demand zone at 0.88270 & 0.88070. Price has filled the H1 & H4 range from the major H1, H4 & daily supply zone to the H1 & H4 demand zone and back to the major H1, H4 & daily supply zone. Price rallied into supply and formed a strong rejection wick on H1 & H4 with candle closes below supply followed by a H1 bearish engulfing candle. Took sell positions during NY session at 0.89770 with SL at 0.89000. Setup taken is a rally base drop, a reversal setup and my target is at the next major H4 & daily demand zone at 0.87330 & 0.86940.

Price dropped gained bearish momentum during NY session dropping 50 pips in 2 strong H4 bearish candles to 0.88770 during Asian and London session. Price consolidated below supply without any significant move then gained more bearish momentum during NY session dropping strongly to 0.88300. Price retraced back to supply then dropped 85 pips to 0.87930 by a constant push away from supply confirming the bearish sentiment. Price broke the key H1 & H4 low at 0.88000 and formed lower lows showing strong bearish momentum. Price dropped 145 pips to 0.87330 back at the major H4 & daily demand zone at 0.87330 & 0.86940 filling the major H4 & daily range back to the major H4 & daily demand zone. Target hit.