Since the de-pegging of the Swiss, price became somewhat erratic, however the last few weeks have seen price moving nicely within this channel. Once again price reached the bottom of channel, coinciding with the minor daily support of 0.9700, before forming a double doji bottom formation, which should signal a bear move, a daily golden cross, supports the strength of the current trend and recently the Swiss has had some unusually poor economic data released, with PPI missing it's already not so good expectations, coming in at -0.3%.
Obstacles here include the 0.98000 SR Level and the fact that the movement that brought us back to the bottom of the channel was a massive bearish engulfing candle.
That said, an entry price above 0.9800 resistance, a SL below previous days lows and an initial PT at 0.9900 would make a good 1:1 trade, but we believe price will make it at least as far as 1.000 giving a reasonable 2.24:1 Reward:Risk ratio.
Obstacles here include the 0.98000 SR Level and the fact that the movement that brought us back to the bottom of the channel was a massive bearish engulfing candle.
That said, an entry price above 0.9800 resistance, a SL below previous days lows and an initial PT at 0.9900 would make a good 1:1 trade, but we believe price will make it at least as far as 1.000 giving a reasonable 2.24:1 Reward:Risk ratio.
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