USDCHF looks bullish after breaking through key average
This week's demand for USDCHF continued Wednesday. A third up day in a row resulted, and more importantly prices consolidated above the 13 day moving average and broke above the Marabuzo line created by the fall on November 22.
Intraday signals for sentiment are approaching overbought extremes, o there is growing potential for a negative reaction. But we look for such a setback to attract fresh buyers.
Management and risk description
A move above 0.9918 means the stop can be raised to break even
Entry: Buy in 0.9895/00 area and at 0.9878.
Stop: 0.9854 offered.
Target: 0.9918, 0.9948 or even 0.9988.
Time horizon: intraday, closing 1600 GMT.
Three Up Days
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— Edited by Robert Ryan
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