Possible reversal at 1.0503
Hi Folks:
I missed to open longs for less than 2 pips and we hit almost the 1.06 resistance (black line) and pulled back strongly. Therefore I think we need to hit the bottom black line at 1.0503 area to bounce from there.
Observe the chart and you will see that we have had 7 weeks in a row in red. Current weekly candle is surprisingly very bearish as well.
Mind that CHF is considered as well as a safe haven currency when the hard times arise.
I will stick to the plan and open different positions from previous bottom at 1.0526 to 1.0495. Anything below will trigger a partial hedge protection till the next support (1.0415)
Cheers.
****************************************
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I missed to open longs for less than 2 pips and we hit almost the 1.06 resistance (black line) and pulled back strongly. Therefore I think we need to hit the bottom black line at 1.0503 area to bounce from there.
Observe the chart and you will see that we have had 7 weeks in a row in red. Current weekly candle is surprisingly very bearish as well.
Mind that CHF is considered as well as a safe haven currency when the hard times arise.
I will stick to the plan and open different positions from previous bottom at 1.0526 to 1.0495. Anything below will trigger a partial hedge protection till the next support (1.0415)
Cheers.
****************************************
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
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