Week 2 on the Swissy

Good Morning Dynamic Traders,

Hope you all had a great weekend and made the most out of the weather.

I have decided to stay with the CHF for another week, so what action did Friday bring us!
On Friday’s update I asked you what you think price might do, I also gave you a couple of clues, so let’s see what happened.
In the 4 hour chart below you can see that price is currently climbing! You notice that price fell below the VI, but it then hit the fib breather level, which helped support price and help it climb.













However price is still below the VI, which means that the VI will acting as resistance now. The VI also happens to be at RN, so if price is to climb it will have to work very hard.
Another way to look at the current position of price is that price is in a bearish flag, which is confirmed by a fib breather level. Is this an option for price?

Today’s action could be very interesting and I can’t to update the CHF tomorrow morning.

Till tomorrow

Happy Trading

Richard Monnery