USDCHF Institutional Levels [UPDATE] *Strong Support Below*
In response to the previous post on USDCHF (which killed it by the way)
USDCHF is generally inversely correlated to EURUSD. We are expecting the resistance on EURUSD shown below to hold given the lack of action leading into the holiday weekend.
If we do see that resistance hold we will likely see a bounce on USDCHF, and if EURUSD manages to rally up into that resistance we can expect to see USDCHF pushing into the strong support at 1.0214. Again, given the lack of action we will most likely remain range bound on this pair. A bounce at the support figure can be expected and we may even see another push to the upside.
Enjoy!
USDCHF is generally inversely correlated to EURUSD. We are expecting the resistance on EURUSD shown below to hold given the lack of action leading into the holiday weekend.
If we do see that resistance hold we will likely see a bounce on USDCHF, and if EURUSD manages to rally up into that resistance we can expect to see USDCHF pushing into the strong support at 1.0214. Again, given the lack of action we will most likely remain range bound on this pair. A bounce at the support figure can be expected and we may even see another push to the upside.
Enjoy!
Komen:
Locked up short profits with about +45 pips.
