The USDCHF is higher this week. New highs reached for the week. It's a "W"
Down. Up. Down. Up....
If you look at the daily chart for the USDCHF, its a Win as in "W".
After peaking on October 15, the pair moved from 0.9995 to 0.9837 with 3 straignt down days.
After bottoming, the next 6 straight days were higher and the price moved up to a high of 0.9969.
After topping, the next 4 straight days were lower and the price move down to a low of 0.9850.
After bottoming, the next 5 straight days (this week's trading) were higher, and the price moved up to a high price of 0.99764 (so far at least).
It looks like a W doesn't it.
I guess traders should look for a down day and wait a few days to cover.
If the forthcoming days are higher, the 0.99956 and then October high at 1.0027 will be eyed.
If it looks like a reversal lower, the 200 day MA at 0.9925 and then the underside of the broken trend line at 0.9937 would be another bearish clue.
For now.... its a W.