Thursday, February 16, 2017

Swiss Franc (update)

Yesterday, I mentioned a minimum target zone of 1.0002 to 1.0055 which also contained a large volume @ price profile that could act as resistance.  The high today was 1.0046, so we met the low end of the target before stalling out.  It will be interesting to see if this level acts as further resistance tomorrow and pushes prices lower.  Or, if price action will blow through it and make a run at the 78% retracement area @ 1.0101.  We've also closed above the 10, 20, 50, and 100 DMA on the 240M chart.  We would like them to act as support on any downward movement.




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