The USDCHF is higher this week. New highs reached for the week. It’s a “W”

  


Down. Up. Down. Up….

If you look at the daily chart for the USDCHF, its a Win as in “W”.

Down. Up. Down. Up....

After peaking on October 15, the pair moved from 0.9995 to 0.9837 with 3 straignt down days.

After bottoming, the next 6 straight days were higher and the price moved up to a high of 0.9969.

After topping, the next 4 straight days were lower and the price move down to a low of 0.9850.

After bottoming, the next 5 straight days (this week’s trading) were higher, and the price moved up to a high price of 0.99764 (so far at least).

It looks like a W doesn’t it. 

I guess traders should look for a down day and wait a few days to cover.  

If the forthcoming days are higher, the 0.99956 and then October high at 1.0027 will be eyed.

If it looks like a reversal lower, the 200 day MA at 0.9925 and then the underside of the broken trend line at 0.9937 would be another bearish clue. 

For now…. its a W.

ForexLive



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