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.
Comment:
Well this went exactly as described. Break above 0.98 signals more Swiss weakness and an attack at the "mythical" level 1.
