USDCHF finding a bid at key support
USDCHF jumped from 0.9521 to 0.9865 last week on the Brexit shenanigans, breaking resistance at 0.9688 along the way. This was a short-term Fibonacci level that had been the scene of a high/failure in mid June.
Since hitting that high at 0.9865 we have tracked back, and this morning we got back to 0.9688, that old level of focus... and we found buyers.
A couple of Doji candles on the 30-minute chart alerted me to the idea that buyers may be returning on this retest.
If we get long at current levels we can use 0.9688 and 0.9650, a level gleaned from our Market Profile charts, as protection for a stop.
Management and risk description
Entry: Buy at market (currently 0.9700)
Stop: Below 0.9745 initially.
Targets: 0.9860 and 1.0090.
Time horizon: 2 days to 2 weeks.
Chart 1: Daily Candlestick
Chart 2: Weekly Bar Chart
Non-independent investment research disclaimer applies. Read more