ridethepig | EURCHF High Risk Of Flash Crash !!!
Euro / Swiss Franc FOREXCOM:EURCHF
Here a good time to update the EURCHF as we break through the 1.062x lows as sellers are aiming for complete capitulation of their opponent (as far as the flash crash is concerned there is very little in terms of support here if we get a daily breach). The plan was
(1) Forcing further selling EURCHF:
(2) The extension leg was released and sellers advanced in triumph:
(3) Possible retracement barrier, e.g strong support on 1.062x, smart money buying the lows?
This plan to originally buy the lows could still be in play, in other words the close this week is important as it will effectively communicate whether we are in the exhaustion stage of our ‘C’ leg or rather starting the impulsive swing towards 1.014x which is the target wave ‘3’.
It is much more difficult for SNB to intervene with FED tracking like a hawk to assimilate the CHF selling. The direct exploitation of an intervention is part of the middlegame – see some of my previous content on risk flows. All we need to hope for to achieve a major flush is to keep our opponent suffering for further lengths in time. Buyers are on the defensive!
A close below 1.060x will demand some attention, monitoring closely the price action around these levels. Remain short for now.
Thanks as usual for keeping the likes, comment and charts coming!