USDCHF - 2 options for you
Updated
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Firstly, you would notice that the price action has been stuck in a symmetrical triangle since early May. It did breakout on 22 Nov but not for long. It retreats back after hitting the resistance at 1.001 on 29 Nov.
2nd Dec , it has formed a strong bearish engulfing candle which takes the price all the way south to current price of 0.9877. There is a first support at 0.98437 and is expected to rebound. If this fails and it breaks down from the support, then we would see the price heads further south towards 0.9799.
Let's see which option plays out in this exciting month of December.
Firstly, you would notice that the price action has been stuck in a symmetrical triangle since early May. It did breakout on 22 Nov but not for long. It retreats back after hitting the resistance at 1.001 on 29 Nov.
2nd Dec , it has formed a strong bearish engulfing candle which takes the price all the way south to current price of 0.9877. There is a first support at 0.98437 and is expected to rebound. If this fails and it breaks down from the support, then we would see the price heads further south towards 0.9799.
Let's see which option plays out in this exciting month of December.
Note
Bulls win over bears at the end with a bullish engulfing candle.Note
It touches on the support level at 0.98437 and rebound. Hope there is strength in it and it continues upward. It is following Option 1Note
Oops, it went down a bit more to Option 2 and now sits on Option 1 support at 0.98437. Watch for the up move coming up shortly......
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