Having followed this channel for the last couple of weeks, the price has made a nice sell-off that is currently undergoing a correction, if I read it correctly. When it's done, we should see another leg down toward 50% of alternate price projection.
On the other hand, it may also be a higher low, starting a new trend up or a larger correction. However, given the CAD's weakness and the CHF's healthy strengthening (as well as the EUR's) I vote for the first option and go short here, perceiving as a target the famous point P level. There's also some chance there will be new lows, but the whole number level of 0.8000 may prove to be a very strong support.
On the other hand, it may also be a higher low, starting a new trend up or a larger correction. However, given the CAD's weakness and the CHF's healthy strengthening (as well as the EUR's) I vote for the first option and go short here, perceiving as a target the famous point P level. There's also some chance there will be new lows, but the whole number level of 0.8000 may prove to be a very strong support.