The Swiss franc certainly appears to be in high demand lately but can it keep strengthening? With today’s candle being a bearish one, it seems one question too many. But let’s take a thorough look at the situation for what it is.
USD/CHF moved lower once again earlier today, which brought about a
breakdown below the lower border of the blue consolidation.
While this is a bearish development, the day is far from over, and the green
support zone combined with the 61.8% Fibonacci retracement continues to keep declines in check.
Therefore, it’s reasonable to expect a rebound from this area as long as there’s no daily close below the mentioned supports. This is especially the case when we factor in the currently
oversold and ripe-for-recovery position of the daily indicators.
Connecting the dots, should we see reliable signs of a potential reversal, we’ll consider opening long positions.
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Nadia Simmons
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Sunshine Profits - Effective Investments through Diligence and Care
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.