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Is cocoa forming a base?

Commitment of Traders and wyckoff trading range analysis suggest that cocoa could be ready to rally away of the one month old accumulation base (watch the video here: Of course, as always, this is not a trade solicitation and if you trade you do it at your own risk and responsibility.
Looking at the weekly chart of the Swiss Franc future, we can see that it has recently broken a support level.
Could it be a case of what Richard Wyckoff called a 'spring' pattern?

swiss franc spring

If we look at the COT Index, the commercials bullish stance could confirm our bold 'spring' hypothesis.

swiss franc COT

Today Mario Draghi will communicate the results of the ECB's Governing and will announce new measures to stimulate growth: probably a new cut in interest rates, but also an extension of Quantitative Easing.
Usually the Swiss Franc follows the Euro currency movements. It will be interesting to see how the market will react to Draghi's moves.
If the price of the Swiss Franc will rise, breaking the level to the upside, we would have a confirmed spring pattern and, consequently, could interpret it as a strong buy signal. Otherwise, don't do anything right now, because the Swiss Franc could fall a little bit more before eventually reverse to the upside.

Remember: this is not a trade solicitation and, if you decide to trade, you do it at your own responsibility.

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