USD CHF support on STEROIDS, Bears had to many beers.
0.99058 is a key level of support, you can se where price hit this support level ( marked by purple arrows ) now I'm sure not all of you are stupid enough to need an explanation.... but there are still a few tap water drinkers about :p
Price broke this level in august and made a big rally to the downside but this pairing couldn't keep price down and like someone who has had too many beers and a greasy kebab it ended up throwing it back up.
Price broke this support level 2 weeks ago and tried using it as resistance which worked for a day until price broke and started using it as support again.
We personally think that this level is too strong and must be respected as support, so we can see a further move to the upside, but we will also be prepared for the event that price does break and sinks in the way of setting an order.
The key to success in the market is good risk management and out smarting the market by preparing for any outcome, setting orders enables you to do both of these.
Price broke this level in august and made a big rally to the downside but this pairing couldn't keep price down and like someone who has had too many beers and a greasy kebab it ended up throwing it back up.
Price broke this support level 2 weeks ago and tried using it as resistance which worked for a day until price broke and started using it as support again.
We personally think that this level is too strong and must be respected as support, so we can see a further move to the upside, but we will also be prepared for the event that price does break and sinks in the way of setting an order.
The key to success in the market is good risk management and out smarting the market by preparing for any outcome, setting orders enables you to do both of these.
Comment:
TP HIT