USDCHF: Will institutions step in and push the price high soon?
USDCHF is showing persistent weakness for more than 6 weeks now. However, it seems like the weakness is about to end.
0.9660 area has proved to be a decent demand area for a couple of weeks now which means this area is certainly keeping buyers interested.
But, sellers are also lurking in the 0.9730-0.9750 zone.
At this point, I believe we need some catalysts to push the price out of this consolidation zone.
Either way 0.9650-0.9670 is critical for buyers.
I will definitely look to buy into this market as it offers a low-risk set-up provided I see some signs of major buyers stepping in.
Alternatively, a clear break of the consolidation zone will see this market fall back to the next meaningful demand area at 0.9500
DISCLAIMER: This is merely a trading set-up. Whether I execute this trade will depend on many factors. I will update in my channel if I decide to take this trade.
0.9660 area has proved to be a decent demand area for a couple of weeks now which means this area is certainly keeping buyers interested.
But, sellers are also lurking in the 0.9730-0.9750 zone.
At this point, I believe we need some catalysts to push the price out of this consolidation zone.
Either way 0.9650-0.9670 is critical for buyers.
I will definitely look to buy into this market as it offers a low-risk set-up provided I see some signs of major buyers stepping in.
Alternatively, a clear break of the consolidation zone will see this market fall back to the next meaningful demand area at 0.9500
DISCLAIMER: This is merely a trading set-up. Whether I execute this trade will depend on many factors. I will update in my channel if I decide to take this trade.