Playing USDCHF both ways today
USD Index: expect a choppy start to the day. The USD index has broken the channel to the upside but we have stalled at the previous area of resistance (95.15) from April (2016). We could see a mild dip this morning. The prime long entry today would be reverse trend-line support and the Marabuzo from the June 3 line up at 94.90.
The interesting factor here is that the 161.8% extension is located at 1.0275 (from 0.9446-0.9958), close to the wedge target, consolidating close to the 61.8% Fibonacci pullback.
A break back above 0.9700 is needed to confirm the medium-term bias.
The 161.8% extension at 1.0275
I am looking to play USDCHF both ways today. The Fibonacci 61.8% support level is seen at 0.9615 (profit set at 0.9620) and bespoke support at 0.9610. This is our area to start building longs once more.
Looking at USDCHF both ways
Management and risk description
Parameters - Short entry (countertrend)
Entry: sold at 0.9651.
Time horizon: this morning.
— Edited by Martin O'Rourke
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