One of the most basic forms of support and resistance is when a former resistance area becomes support. In this pair, price finally broke above the year high since the SNB pulled the rug out. In this instance, I will definitely look at price action as it reaches this area. SNB has said before that a weaker CHF is better for the economy. Really long term, I think the SNB would be delighted to see this pair reach the old 1.20 floor it once had. This obviously wont happen for quite a while if it happens at all. Just be aware of a good buying opportunity coming up.
We talk more about this in this weeks Weekend Preview: youtu.be/di0RJolXOyI
Please leave comments, questions, or ideas below!
We talk more about this in this weeks Weekend Preview: youtu.be/di0RJolXOyI
Please leave comments, questions, or ideas below!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.