The price action has reached a decision point: either bend under the pressure of the downsloping channel or break through it to the upside. Either way, the odds are with the buyers, here or lower at the border of the bull channel. However, albeit quite unlikely, it can't be excluded that the bull channel might fail to hold letting the price continue down the corrective channel.
The CHF is one of the relatively strongest currencies, while JPY continues being the weakest one. In terms of momentum the Japanese currency is in the slowing phase, whereas the Swiss one seems to be topping over, though by no means it's overbought yet. There are several layers of support below, with the most prominent being the 117 handle (prior swing high).
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Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
The CHF is one of the relatively strongest currencies, while JPY continues being the weakest one. In terms of momentum the Japanese currency is in the slowing phase, whereas the Swiss one seems to be topping over, though by no means it's overbought yet. There are several layers of support below, with the most prominent being the 117 handle (prior swing high).
-----------
Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
