Understandably many traders (including ourselves) are weary of trading the Swiss Franc
after the debacle earlier on in the year when its central bank
removed the peg and in the process put some brokers and many traders out of business. Notwithstanding, in our view it still is worth it to explore any opportunity this pair may present us with which we think we'll see in the next few weeks.. As we can see on the weekly chart price retraced to the level prior to the peg's removal and has since been declining in an orderly fashion forming a descending triangle
. Generally the pressure from above tends to lead to a downward break on descending triangles but not always of course. Likewise, we could see a reversal that would break the downward trendline
and should that happen we will not hesitate to go long. In any case, for the time being we will stand aside to see what will transpire, but if we see candles closing outside the triangle either above or below we will definitely dip our toes again in the Swissie waters targeting the support or resistance lines marked in the box on the right.