The market ran eight straight days higher and higher into the Fed decision, printing higher highs and higher lows from the 0.8010 low all the way to the top at 0.8210. Then the release hit and price collapsed in one impulsive bearish wave, breaking back below the old highs at 0.8139-0.8152, and also the latest two higher lows. Price pulled back into this broken area and rejected over the low timeframes. That was my entry. Trade levels on the chart.

Short from 0.81410, stop above the zone at 0.8157.

Reasons:

- Failed breakout above the monthly highs.. price is back inside the old range.
- Old resistance band at 0.8139 broken during the rally, now retested from below and rejected on lower timeframe , short trigger.(holding below this level would increase my chances).
- The drop from the top looks impulsive, the pullback into my zone could be a just a retest.
- On the fundamental side, the Fed held rates with inflation still elevated, three members dissenting for a hike, and no clear forward guidance from the chair. The market read it as a credibility problem(Political influence "Trump") and sold the dollar across the board, while falling stocks give the franc its safe haven demand.

First target at 0.8115, just at the mid-July structure. Second target at 0.8070, just above the the next potential support area around at 0.8066-0.8060.

If price closes back above 0.81570 I'm out..

Lets see how the trade progress.

Forex trade setups, left on the record.

Forex trade setups, left on the record.

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