On the Weekly TF we can see a strong move to the downside over the last 3 weeks.
We can expect a correction next week and then more continuation to the downside.
Reasons to buy:
1. The support has been respected
2. Institutional COT has opened a lot of shorts on CHF, wich means that USDCHF will respect this support.
3. From a monthly perspective, the price never has been lower than the actual price, wich means that from an economic point of view, it's very unlikely that the price continue to fall.
Please comment...
This week price fell down because COT report closed a lot of shorts on CHF.
Now the price is on a major support and we are waiting that the FED approve the second stimulus for COVID and then the price will skyrocketed.
Also the price is on the bottom of a possible ascending channel and a Crab pattern can be forming. Let me know what you think on the comments.
It seems that the price will touch again the resistence, but due to it's a monthly resistence it will find a massive selling force that will push the price down to touch again the previous support.
