The top chart is 8 hour candlestick, bottom chart 1 hour candlechart.
Both with Bollinger bands. Just using them to play out some scenarios.
Can't really say I have strong feeling one way or the other now. Todays action is strange. Down 30 pips on ECB tender. Then back up 40-50 pips. Now back down again. But the longer we stay up here the more likely psychology changes. (Many seemed to be talking of 1.3750)
I had been convinced, rather expensively, we wouldn't breach 1.4000 upside yesterday and now we're sticking to 1.4100 area. Looking at 8 hour chart I'd say we're going higher but feels overbought short term.
I think it's likely we dip to 1.4010-20 in next 24 hours but also see us having a go at 1.4180 and above in 48 hours. I wouldn't be surprised if we stab very briefly though 1.40 but then bounce back quickly. If we were below 1.4000 for more than 20-40 minutes I'd reverse my bullish view.
Don't feel like scalping as I've lost touch with short term market (if I ever really was in touch - guess the profit got me mistakenly thinking I had a hold on ranges)
I've also been reading some UBS comments, that see USDCHF making record lows soon. Guess 1.0610-20 area will be the one to watch.
Edit: Looking at 8 hour chart it looks like 1.4140 is strong resistance. If we go though that level on FOMC then bullish scenario is activated for me. If we don't have any conviction I see us reverting to middle of 1.3850-1.4120 range.
Edit: Just saw what looked like intervention on EURCHF which also lifted USDCHF. Makes me wonder if we won't get central bankers start talking if EURUSD breaks above 1.4150. Another reason to maybe sell anything above 1.4110-20.... ?
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