Price formed a bullish gartley pattern at previous support level confirmed with a double bottom on that level and a little bounce with a breakout of the trend line followed by a pullback. We have a RSI divergence showing a weakenig bearish movement . We might be at the first corrective wave I expect the trend to be bullish the next few days
CHFNOK is in the process of completing a Higher Low on the 1W Channel Up (RSI = 57.467, MACD = 0.092, Highs/Lows = 0.0650, B/BP = 0.0984). This can be a lengthy (15 session) process but eventually should reach the previous Higher High. We are long with TP = 8.7500.
=> In this particular example we are outguessing a break of a channel and confirming further wide chop with the cross.
=> This week is busy from a monetary policy perspective and with both the Norges Bank and SNB in play we decided to use the CHFNOK as the main course...
=> Thursday is the rainmaker here; whilst the SNB are likely to portray a dovish tone...
"We expect risk appetite to rebound, helped by benign wage growth in the US. In this environment, short CHFNOK trades should do well. Recent Norwegian macro data have generally beaten market expectations, with forward looking indicators like PMI also holding up well. NOK also receives additional support from rallying oil price which helps its oil sector, as...
Recent price behaviour indicates we have had end of long consolidation after last impulse to downside and we are heading south with big momentum.
Any pullbacks should be used as a good sell opportunities as target for next impulse is big.
cross market analysis shows weaknes of swiss frank and strenght of norwegian korone across all major currencies.
Therefore...
![CHFNOK: CHFNOK -BEARISH , bounce down from Upper Channel~~[[MRWZRD]]](https://s3.tradingview.com/6/6EWC7x2Q_mid.png "CHFNOK -BEARISH , bounce down from Upper Channel~~[[MRWZRD]]")
