EURUSD, USDCHF & GBPUSD MARKET ANALYSIS

 Good morning traders, it's a bright Wednesday and today we expect the FOMC report release later on in the evening. As we wait for that, I've been looking at EURUSD, USDCHF & GBPUSD for potential trading opportunities. Into the markets, EURUSD price dropped strongly from a major H4 supply zone at 1.18070 & 1.17500 which is the origin of the previous drop to the 1st H4 demand zone at 1.16190 & 1.15840. Price dropped and broke below the H4 demand zone and formed lower lows on H1 & H4 at 1.15230. Price retraced to retest the broken demand as a new supply before a continuation of the drop lower. Took sell positions during NY session at 1.15850 with SL at 1.16150. Setup taken is a drop base drop, a continuation setup and my target is at the next key H4 & daily demand zone at 1.14500 & 1.14140.

USDCHF price rallied from a major H4 & daily demand zone at 0.79290 & 0.79000 which is the origin of the previous major rally to the major H4 & daily supply zone at 0.81200 & 0.80500. Price filled the major H4 range from the major H4 & daily demand zone to the major H4 & daily supply zone and back to the major H4 & daily demand zone. Price dropped into the zone and formed rejection wicks with candle closes above the zone followed by a bullish reversal in a constant push away from demand. Price rallied strongly to the 1st H4 high at 0.79750 then retraced before a strong continuation of the rally higher. Price rallied 130 pips to 0.80700 hitting the anticipated target of 0.80500 and also filling the major range back to the major H4 & daily supply zone. I anticipate a potential continuation of the rally higher to 0.81200.