ForexWeeklyAnalysis
Long

Pending Long USD/CHF via "Channel Mentality"

FX:USDCHF   U.S. Dollar/Swiss Franc
182 2 0
The last bounce was off of the bottom trend line, so naturally, the next bounce should be off the top trend line but as you all know, markets aren't textbook perfect.

Considering price is currently at the short term upward trend line, now wouldn't be a bad time to enter a short term long targeting the upper channel line (red). However, before price can hit the upper channel line, it has to contend with a couple short term resistance trend lines, which effectively act as short term targets as well.

Lastly, given that price is basically in the middle of the channel right now, I'd proceed with caution and trade with tight stop losses because if it does go down, it could very well hit the bottom channel line without hitting the upper channel line first.
I'm a bit hesitant on this pair right now, price opened below the trend line last night (gap down) plus EUR/USD hasn't made a decision yet (negative correlation). So I think I'll pass on this one for now until something concrete develops.
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This is one of the more interesting pairs to watch because you really have to wonder, "how low can it go?" because the SNB can come in anytime to push it back up (although not directly, they'll be influencing EUR/CHF, which will in turn affect USD/CHF).
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