USDCHF upside rejection to deepen
Trading was volatile in USDCHF yesterday. Both the highs and lows were rejected, twice, as prices fluctuated around the 200-day moving average. But although prices closed above that line for a second day in a row, net movement was minimal. This price action does not provide strong signals for sentiment but the upside failure coupled with Asian selling gives sentiment a negative tone.
Management and risk description
A move to 0.9824 means the stop can be lowered to break even.
Entry: sell in 0.9853/58 area and any rally to 0.9878.
Stop: 0.9907 bid.
Target: 0.9824, 0.9807 or even 0.9780.
Time horizon: intraday Friday, July 22.