Possible buy but wait for confirmation
This is a very tricky point for the swiss franc and the eur. Interest rate data is yet to be presented and it can spark an interest in either the buyers or sellers. the daily chart has shown how much strength the buyers had through out the past days and no significant candlestick pattern has been presented on the daily chart. This may leave many investors a bit confused because of he consolidation that has been happening for a week. To place a position now would be risky in a sense because a bearish engulfing candle presented itself on the 4hr chart showing that sellers are willing to take control but no significant movement has agreed with the sellers because of the flag pattern forming as well. i had a sell at first but when i saw consolidation occur i took out my position with the little profit i made to watch for the next move.
Another tricky aspect is he fact that it is within the chop zone of the pivot points. This area is known to be very choppy zone so there is a fight going on between the buyers and sellers. Chances are good that it may continue up.
Another tricky aspect is he fact that it is within the chop zone of the pivot points. This area is known to be very choppy zone so there is a fight going on between the buyers and sellers. Chances are good that it may continue up.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.