The Swiss franc *might* go lower, but only so far
The Swiss Franc has always been one of my favourite currencies to trade because it abides by support and resistance lines... except when the SNB intervenes.... ouch that one hurt.
In any case, what you are seeing here are arrows point up from very strong resistance lines stretching back several months. The A arrow points up from the weakest support, the second arrow points up from declining support and the I arrow points up from monthly support. Either way, the USDCHF will bounce up from one of these lines, though as a caveat, a break below and I'd be closing off all your CHF positions.
RSI and CCI are overbought, a confirmation from the MACD would confirm buying opportunity.
Selling CHF also pays overnight premium.
In any case, what you are seeing here are arrows point up from very strong resistance lines stretching back several months. The A arrow points up from the weakest support, the second arrow points up from declining support and the I arrow points up from monthly support. Either way, the USDCHF will bounce up from one of these lines, though as a caveat, a break below and I'd be closing off all your CHF positions.
RSI and CCI are overbought, a confirmation from the MACD would confirm buying opportunity.
Selling CHF also pays overnight premium.
