USDCHF tracking channel lower
Trading was subdued in USDCHF after two strongly negative weeks – even CHF strength slowed. But despite the lack of strong movement, our first downside weekly target was met, prices are still close to the bottom of a declining Keltner channel and the mid-week profit taking lacked the strength to even seriously test the 13-day moving average.
Management and risk description
A move to 0.9514 means the stop can be lowered to breakeven or better.
Entry: sell in 0.9595/05 area and any rally to 0.9688.
Stop: 0.9748 bid.
Target: 0.9514, 0.9444 or even 0.9370
Time horizon: this week.
Three down weeks:
Create your own charts with SaxoTraderGO click here to learn more
— Edited by Michael McKenna