FX:USDCHF   U.S. Dollar / Swiss Franc
TWO SCENARIOS. PRICE IS BACK DOWN AT SUPPORT WHERE IT HAS BEEN REJECTED A NUMBER OF TIMES. PRICE COULD BE CAPPED AND IT COULD POSSIBLY GET REJECTED AGAIN AT THIS LEVEL. ALSO ON THE DAILY PRICE HAS APPROACHED THE 200SMA WHICH COULD ACT AS A DYNAMIC SUPPORT. ON THE FLIP SIDE I WILL LOOK TO SELL IF PRICE BREAKS THIS MAJOR SUPPORT BARRIER WHICH IS ALSO THE SUPPORT OF A DESCENDING TRIANGLE AND THE NECKLINE OF THE HEAD AND SHOULDERS PATTERN. IVE GOT A GOOD CASE FOR BOTH SCENARIOS BUT I'M SWAYING MORE ON THE BUY OPPORTUNITY SIMPLY BECAUSE I'D RATHER TRADE WITH THE LONG TERM TREND AND NOT TO FORGET CHF IS STILL OVERVALUED. WITHOUT A DOUBT THIS PAIR WILL FINISH THE YEAR HIGHER BUT IN THE SHORT TERM IT COULD FALL MORE BEFORE IT RALLIES.
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