USDCHF, USDSGD and GBPUSD charts in barchart and zigzag
With a new low year-to-date printed yesterday and a zigzag showing descending peaks and troughs, this chart should never be confused with a buy. GBP is probably weakest against USD with the exception of CNH.
On the other hand, both USDCHF and USDSGD look like long continuation pattern now waiting for a confirmed support to appear.
To draw these charts, first got to line chart. Use trend line tool to connect highs and lows. For previous major swings, connecting the major highs and lows will do. For the most recent wave, connect minor tops and bottoms for more detail. Done, go to bar chart. Unless price is trapped in a clear range or printing a reversal pattern, stick to existing flow.
According to this previous post, unless a major blow off appears, it is increasingly clear Dollar’s strengthening when all forex majors agree.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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