As a result of today’s declines USDCHF beat local support at 0.9580. Despite this, the falls were not continued and for the next few hours the market oscillated around this level by re-testing it from below (as resistance). There occurred supply reaction, and if the zone is permanently rejected, we could expect continuation of declines. In short term, therefore, it is worth to consider PUT option on this instrument.
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Looking on M30 CADJPY chart, we note that as a result of today’s bearish gap market opened at vicinity of local support, where demand response occurred immediately. Despite of the morning dynamic growth, the course is now approaching the level again, and thanks to the recent growth, a formation that almost looks like head and shoulders (H&S) was created. However, for this formation to be confirmed we would have to overcome the aforementioned support, which now coincides with the bullish trend line. Until this happens, bullish trend is valid. However, if this zone is defeated, we could expect further declines. It is therefore worth to carefully observe current situation on this instrument, and in case of possible overcoming this zone, consider PUT option. Its rejection could, however, be an interesting signal to consider CALL option in the short term.
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