USDCHFpotential reversal?
We are at an area that has been a strong support on various occasions. Daily shows signs of oversold on RSI and Stoch. Price seems to consolidate at current levels but today's candle wasn't as convincing as I had hoped. 6th and 7th on the other hand were as well as yesterday's bullish candle.
Preferably I'd like to see a clear break and hold above the current downward channel. Somewhere around 0.9580.
If we can stay above this region I can see further upside to 0.9660 first and if that clearly breaks even 0.98 is in the cards in the coming weeks.
A break and close lower, sub 0.95, would cancel this setup and I'd be looking at a new short.
Preferably I'd like to see a clear break and hold above the current downward channel. Somewhere around 0.9580.
If we can stay above this region I can see further upside to 0.9660 first and if that clearly breaks even 0.98 is in the cards in the coming weeks.
A break and close lower, sub 0.95, would cancel this setup and I'd be looking at a new short.
Trade closed manually
Manual close. We seem to have hit resistance that is too strong for now.Note
Well this went exactly as described. Break above 0.98 signals more Swiss weakness and an attack at the "mythical" level 1.
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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.