This pair was burning everyone with the sideways structure since last year without a specific direction, just last week a good bullish momentum appeared in the market, which is a perfect sign to boost buyers positions to get more aggressive on this pair. In addition, based on the sentiments of the week retailers are 46% base on long position.
Furthermore, the COT data report have provided details on SWISS FRANC future open orders showing Non-Commercial base sitting with 41.9% short position and 5.1% long position. This report is favorable for buyer orders mainly in accordance to the weekly breakout of structure reflected with the current ongoing market.
Finally, most retailers will be tempted to apply a basic strategy involving a retest of structure on key levels based on weekly charts with an expected expansion in the market, usually after along periods of consolidation, the market will expand by either going to higher level or lower level and carry-on with regular it's cycle. I personally think there is a good opportunity here for buyers to risk an appropriate size of their portfolio and manage their risk diligently!!!!
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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.