Failure at averages points USDCHF lower
There remains a lack of follow through in either direction dominating the medium-term background to USDCHF. The midpoint of a flat weekly Keltner channel has acted as a fulcrum for trading for the last two months and this is matched by fluctuation around the 13/100-day moving average area.
Management and risk description
A move to 0.9640 means the stop can be lowered to breakeven or better.
Entry: sell in 0.9720/30 area and any rally to .9769.
Stop: 0.9828 bid.
Target: 0.9640, 0.9592 or even 0.9536.
Time horizon: This week, ending Friday at 12 p.m. GMT.
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— Edited by Michael McKenna