John J Hardy
Surprise ISM non-manufacturing data set Friday’s US employment report up to be more interesting than usual, says Saxo Bank’s head of FX strategy John Hardy.
Day trade
Trade view / 26 August 2016 at 5:57 GMT

Higher lows dictate positive sentiment for USDCHF

Partner at 3 C ANALYSIS / 3cAnalysis
United Kingdom

The recovery from last week's lows continued, modestly, yesterday. Our call was a neutral one after Wednesday’s gains stalled at the 13-day moving average. For the bulk of the day this was justified and a reaction from that point was seen. But the setback was limited and buying was renewed at higher levels for a renewed test of the important 13-day line. That level did not clearly break but the downside rejection was enough to leave immediate sentiment positive.

Management and risk description

A move to 0.9690 means the stop can be raised to break-even.


Entry: buy in 0.9660/65 area.

Stop: 0.9624 offered.

Target: 0.9690, 0.9708 or even 0.9738.

Time horizon: intraday, ending 1/2 hour ahead of US data.

Testing key average
Testing Average
Long term
Long Term
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
26 August
Michael Liu Michael Liu
I see a "M" head on 1 hour chart, so can long this pair?
26 August
AlanCollins AlanCollins
That fits in with this trade idea.
26 August
Michael Liu Michael Liu
Hi Alan, thanks for your reply, I have bought this pair. Regards.
26 August
AlanCollins AlanCollins
Very little movement, very little momentum and am closing longs at current levels ahead of US data/news


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